Municipal Mortgage & Equity, Baltimore, has agreed to sell 1.95 million shares of its common stock to RBC Capital Markets and Legg Mason Wood Walker.MuniMae did not disclose the price of the offering. The investor in multifamily debt and equity said it expects to use the net proceeds from the offering to fund future investments, to reduce debt, and for "general corporate purposes." The underwriters of the issue have been given the option to buy up to 195,000 additional shares to cover any overallotments. MuniMae can be found on the Web at http://www.munimaemidland.com.

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