CharterMac, New York, has reported the completion of its first offering of 4.40% cumulative perpetual convertible Community Reinvestment Act preferred shares, series A-1, at $50 per share.The company said the net proceeds of approximately $104.6 million will be used chiefly to acquire federally tax-exempt revenue bonds secured by mortgage loans on multifamily housing properties, as well as for general business purposes. The shares were offered to 17 financial institutions through Meridian Investments Inc., the placement agent. CharterMac can be found on the Web at http://www.chartermac.com.
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