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MuniMae Shrinks Company Workforce in Reorganization

MuniMae, a multifamily lender and investment manager, has reorganized the company, resulting in an 8% reduction in its workforce.

The company now has two major business groups, MuniMae said - affordable housing, and real estate finance and investment management.

Gary A. Mentesana, executive vice president, will lead the affordable housing group, which combines the company's tax credit equity, tax exempt and taxable lending businesses.

Charles M. Pinckney, executive vice president, will lead MuniMae's real estate finance and investment management group, which will focus on market rate multifamily and commercial financings.

As well, executive vice presidents Jenny Netzer and Frank G. Creamer Jr., will lead efforts to expand business opportunities and capital relationships.

Michael Falcone, CEO, MuniMae, said, "While efforts such as these are never easy, and good people were asked to leave the business, we have nonetheless now positioned ourselves to deliver services more efficiently and pursue new opportunities that will improve profitability."

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