MuniMae to Buy MONY Realty

MuniMae, Baltimore, is acquiring MONY Realty Capital from AXA Financial in a deal that will add to MuniMae's investment advisory business and expand its area of operation beyond the multifamily arena.The terms of the deal were not disclosed. MRC has over $2 billion in assets under management, and its regional network of about 35 employees source, underwrite, and manage commercial real estate investments, MuniMae said. "It [the acquisition] increases our assets under management by more than 20%, jump-starts the growth of our investment advisory business, and expands our platform beyond multifamily housing," said Michael Falcone, MuniMae's chief executive officer and president. It will also increase the company's product offerings and customer base and "build upon some very strong investor relationships," he said. After the transaction closes, MRC will operate under the name MMA Realty Capital. Its entire team will remain intact and continue under the leadership of Thomas McCahill, who will join MuniMae's senior management committee, MuniMae said.