CharterMac May Buy Capri Cap Mortgage Unit

Through an affiliate, CharterMac has entered into a preliminary alliance with Chicago-based Capri Capital LP that could lead to CharterMac's acquisition of CCLP's mortgage banking affiliate, Capri Capital Finance, and a strategic alliance with Capri Capital Advisors, CCLP's pension fund advisory affiliate.As an initial step, New York-based CharterMac said it has made a $72 million loan to CCLP and committed to making an additional $12 million advance. The acquisition of CCF and the alliance with CCA are subject to required regulatory and agency approval, completion of due diligence, and the negotiation and execution of additional documents and agreements with CCLP, the multifamily lender said. If these conditions are met, the CharterMac affiliate, CM Investor, will then make two new loans totaling $90 million, which would give CMI the right to acquire CCF and also acquire a 49% interest in CCA.