AMAC Okays Sale of ARCap Interests

The board of trustees of American Mortgage Acceptance Co., a New York City-based multifamily real estate investment trust, has approved the sale of AMAC's interests in ARCap Investors LLC to CharterMac as part of a CharterMac purchase of all third-party membership interests in ARCap.The transaction values the third-party interests at $210.3 million, or approximately $35 per membership unit. If the acquisition closes, AMAC said it expects to receive total proceeds of approximately $40 million. CharterMac is the parent company of AMAC's adviser, CharterMac AMI Associates. AMAC's board has also named J. Larry Duggins as chief executive officer of the company. Mr. Duggins is a founder of ARCap and now serves as its CEO. Jeff Blau, AMAC's existing CEO, will resign from that post, but will remain a member of the board, AMAC reported. The board also named Daryl J. Carter president the company. Mr. Carter is CEO of CharterMac Mortgage Capital, the mortgage banking subsidiary of CharterMac. Marc D. Schnitzer will resign as president and become chairman of the board.