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PR Mortgage & Investments (PR) is proud to announce the closing of Castle Point Apartments, located just north of the University of Notre Dame. The project was constructed in phases from 1974 to 1980 and has been a landmark in the South Bend community for years. The acquisition involves about $5 million of rehab including clubhouse renovations, interior unit renovations (lighting, flooring, countertops, appliances), installing new washer and dryers, exteriors renovations, and new carports. The buyer, an affiliate of Metonic Real Estate Solutions, purchased the project with convention bridge financing through Merchants Bank of Indiana, the parent company to PR Mortgage. PR Mortgage refinanced the bridge loan with long-term debt through FHA through their 223 (f) permanent loan program. “We at PR Mortgage are very pleased to contribute to such a great acquisition strategy. Metonic’s expertise on the construction and management side will allow for a seamless rehab process and ensure the long-term viability of the project for the residents of the South Bend community,” said Mike Dury, COO of PR Mortgage & Investments. The two-step process allowed Metonic to purchase the project quickly through MBI and then process the loan efficiently through PR Mortgage with FHA to lock in these historically low fixed rates. “The leverage, fully amortizing debt and non-recourse are very attractive and this two-step loan process is one of the most competitive products on the market,” said Dury. Metonic Real Estate Solutions is based in Omaha, Nebraska. The principals have participated in the acquisition, financing, asset management and disposition of more than $2 billion of real estate. This is their second project in Indiana. Both projects were financed by PR Mortgage & Investments.
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PR Mortgage & Investments Closes Castle Point – 740-unit Apartment Project
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PR Mortgage & Investments Announces Top Lender Rankings for 2015 (Carmel, IN) PR Mortgage & Investments, an industry leading mortgage banking firm specializing in financing multifamily housing and health care facilities throughout the Midwest, is proud to announce Fiscal Year 2015 HUD Lender Rankings for the period ended September 30, 2015.  PR Mortgage closed 64 loans that represented 9,397 housing units for a total volume of $534 million.  These production totals have once again earned us top five ranking nationally for Fiscal Year 2015 as follows: Number of Loans Closed:  #5 Number of Units:  #5 PR Mortgage & Investments also continues to be an industry leader in loan servicing.  We are committed to “service what we sell” with a $4.3 billion servicing portfolio as of September 30, 2015. “I am very proud of our team at PR Mortgage for being one of the nation’s leading FHA Multifamily lenders once again. We take pride in our consistent new loan production nationwide over the last 5 years and our continued service on the asset management side. PR Mortgage also originates multifamily loans for its parent company, Merchants Bank of Indiana, and total production in 2015 with this particular product is at record levels. Most of these loans will be refinanced next year with PR Mortgage so the pipeline is very strong heading into 2016. We would like to thank our loyal customers and realize our success is shared with them.”~ Michael R. Dury, Senior Vice President & Chief Operating Officer
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PR Mortgage Announces FY 2015 Rankings