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MuniMae Announces Completion of Second Closing in Sale of Renewable Ventures Business

BALTIMORE--(BUSINESS WIRE)--Apr. 16, 2009-- Municipal Mortgage & Equity, LLC (OTC: MMAB) ("MuniMae" or "the Company,") today announced the successful completion of the second and final closing in the sale of substantially all of the renewable energy business operated by its subsidiary, MMA Renewable Ventures, LLC.

As previously announced on March 2, 2009, MuniMae agreed to sell the assets of MMA Renewable Ventures, LLC, other than its interests in its Solar Funds I and II and certain other assets, to Fotowatio Renewable Ventures, Inc., a subsidiary of Fotowatio S.L. for an aggregate purchase price of $19.7 million, subject to adjustment to the extent assets were not included in the transaction. The sale was structured to occur in two separate closings. The first closing, covered core assets, inclusive of employees, the pipeline of potential future transactions and MMA's interests in its Solar Fund III, with a payment of $13.65 million. The second closing, which took place April 15, covers the remaining assets that are included in the sale and the balance of payment.

About MuniMae

MuniMae and its subsidiaries arrange debt and equity financing for developers and owners of real estate projects. Assets under management as of March 31, 2009 exceeded $18 billion including investments in 2,800 multifamily apartment properties, containing about 317,000 units, in 49 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

MuniMae is organized as a limited liability company, which allows it to combine the limited liability, governance and management characteristics of a corporation with the pass-through tax features of a partnership. MuniMae also conducts some of its activities through wholly owned taxable corporate subsidiaries.

This Release contains forward looking statements intended to qualify for the safe harbor contained in Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as “may,” “will,” “should,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “seek,” “would,” “could,” and similar words or are made in connection with discussions of future operating or financial performance.

Forward-looking statements reflect our management’s expectations at the date of this Release regarding future conditions, events or results. They are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties. Our actual results and financial condition may differ materially from what is anticipated in the forward-looking statements. There are many factors that could cause actual conditions, events or results to differ from those anticipated by the forward-looking statements contained in this Release. They include changes in market conditions that affect the willingness of potential investors or lenders to acquire equity of, or lend to, funds we form, changes in market conditions that affect the value or marketability of assets we own, changes in market conditions or other factors that affect our access to cash we need to meet our commitments to other persons, changes in interest rates or other conditions that affect the value of mortgage loans we, or funds we manage, have made, changes in interest rates, tax laws, environmental laws or other conditions that affect the value of the real estate underlying mortgage loans we, or funds we manage, own, changes in tax laws or other things beyond our control that affect the tax benefits available to investors in equity funds we form or would like to form, or changes in technology that affect the value of renewable energy projects in which we and funds we formed have equity investments. Readers are cautioned not to place undue reliance on forward-looking statements. We have not undertaken to update any forward-looking statements in this release.

MUNIMAE: INTEGRITY. INNOVATION. SERVICE.

www.MuniMae.com

Source: MuniMae

MuniMae
Jessica C. Sanzone, Investor Relations Coordinator
888-788-3863

 
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