MuniMae to Acquire Glaser

MuniMae, a Baltimore-based investor in multifamily mortgage debt and equity, has announced an agreement to acquire Glaser Financial Group Inc., a commercial mortgage banker based in St. Paul, Minn.If certain performance standards are met, the acquisition price will be approximately $67 million payable in cash and stock, MuniMae said. After the closing of the transaction, Glaser will operate as part of MMA Financial, an operating subsidiary of MuniMae. "This acquisition brings significant scale to our origination platform in the upper Midwest as well as our Fannie Mae and Freddie Mac servicing portfolios, and further strengthens our product offerings related to senior housing," said Michael Falcone, MuniMae's president and chief executive officer. The company said about 40% of Glaser's originations are related to housing for senior citizens, and that its servicing portfolio totals $3.5 billion. MuniMae can be found online at http://www.munimae.com.