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Carmel, Indiana-based PR Mortgage & Investment Corp. (“PR Mortgage”) secures financing for the development of a $28.5 million workforce housing community in Indianapolis. This unique “workforce” housing development is a joint venture between Strategic Capital Partners, LLC and Goodwill of Central & Southern Indiana. The plans include constructing 208 units comprised of studios, one- and two-bedrooms, at the southwest corner of West Michigan Street and White River Parkway, in the River West neighborhood. The project is targeted toward middle-income workers who want to live within one mile of their workplace but who can’t afford higher downtown rents. “Strategic Capital Partners is a valued client and we appreciate the opportunity to assist in the development of this housing community.  Our ability to provide construction financing through our parent company, Merchants Bank while advising on options for permanent debt at stabilization, creates a seamless process from application to closing. Riverview Apartments are a value-add to downtown Indianapolis, providing housing options for middle-income workers, contributing to the vitality of the community”, said Michael R. Dury, President of PR Mortgage. “SCP was fortunate to have such a strong partner in PR Mortgage on this complex transaction.  The team at PR showed a solutions-driven mindset leading up to closing and their execution was the lynchpin in allowing this project to move forward.  We thank them for their continued advocacy of this important development”, said John Sweet, Chief Investment Officer of Strategic Capital Partners. All the units are reserved for those with incomes between 61 percent and 120 percent of the area median income which is currently $30,000 to $60,000 annually. The development will include a fitness center, free onsite parking and outdoor amenities.
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PR Mortgage & Investments to Provide Financing for $28.5 Million Workforce Housing Community in Indianapolis
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Carmel, INDIANA (07/12/2018) – Mathew M. Wambua, President of RICHMAC Funding LLC (“RICHMAC Funding”), a wholly owned subsidiary of PR Mortgage & Investment Corp. (“PR Mortgage”), has been elected to the Board of Trustees of The Metropolitan Museum of Art representing the borough of the Bronx. Mr. Wambua currently serves as president of RICHMAC Funding, where he is responsible for establishing and expanding the RICHMAC Funding multifamily lending platform.  He is a former Commissioner of the New York City Department of Housing Preservation and Development (HPD), the nation’s largest municipal housing agency. He has also served as Executive Vice President of the New York City Housing Development Corporation (NYC HDC).  From 2004 through 2008, Mr. Wambua held the position of Senior Policy Advisor for then-New York City Deputy Mayor for Economic Development.  Mr. Wambua coordinated and oversaw a citywide portfolio of economic development agencies, boards, and commissions.  His portfolio also included oversight of all economic development initiatives within the Bronx and upper Manhattan, including large-scale urban planning initiatives and significant public-private commercial real estate development projects. Previously, he was the Vice President for Special Projects at the New York City Economic Development Corporation (EDC) and a Senior Investment Officer for General Electric Capital Commercial Real Estate. “Our company is very proud of Mr. Wambua’s achievements, and also his continued commitment to the advancement of affordable housing and strong community involvement.  This election is extremely important to us as it speaks to the strength and excellence Mr. Wambua brings to our organization, leading the charge into new business opportunities and markets,” says Michael Dury, President of PR Mortgage. Mr. Wambua earned a B.A. from the University of California at Berkeley and a master’s degree in Public Policy from Harvard University’s John F. Kennedy School of Government.  Mr. Wambua has taught real estate finance at New York University’s Graduate School of Public Service, as well as managerial economics at the New School University’s Graduate school of Public Policy. “PR Mortgage, parent company of RICHMAC Funding, is recognized as a premier provider of multifamily, senior, and student housing throughout the country, and I am honored to serve the company and our mission,” said Wambua. “I have the privilege of working each day with some of the best housing professionals in the industry.”
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MATHEW M. WAMBUA ELECTED TO THE BOARD OF TRUSTEES AT THE MET