In Brief: Housing Bond Firm Offers $90M of Equity

Charter Municipal Mortgage Acceptance Co. has offered institutional investors $90 million of tax-exempt preferred equity, the company said.

CharterMac, which has a $43 million line of credit, originates and buys tax-exempt multifamily bonds. Borrowers use the proceeds to finance or refinance multifamily housing.

The company said this was the first time it had used equity markets. The proceeds will help it complete its business plan for 1999, the company said. Merrill Lynch & Co. was lead manager.

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