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MuniMae Acquires George Elkins, Will Grow Commercial Lending Portfolio

Mar 01, 2007By

Fog Cutter Capital Group Inc. said late Wednesday that it sold its mortgage brokerage unit, George Elkins Mortgage Banking Company, to a division of MuniMae (NYSE:MMA) for $10.4 million. MuniMae is one of the nation’s largest commercial and multifamily mortgage finance operations. Assets under management at the company exceed $18 billion, including investments in 3,000 multifamily properties containing 320,000 units in 49 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

3d rendering of a row of luxury townhouses along a street

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