Carmel, INDIANA (5/17/2017) – PR Mortgage & Investments, together with its parent company Merchants Bank of Indiana partnered with Birge & Held Asset Management, LLC to provide financing for Lakeshore Apartments, a multifamily property located in Indianapolis, Indiana. Financing of the acquisition of the property was completed with a bridge loan through Merchants Bank of Indiana in September 2016. In May 2017, permanent financing was provided through an FHA 223(f) loan via PR Mortgage & Investments. PR Mortgage & Investments is proud to partner with Birge & Held Asset Management, LLC and its affiliates (the borrower) to serve residents in their community. This acquisition represents the largest closing in company history for PR Mortgage, the largest sale in the City of Indianapolis, and the second largest in the State of Indiana.
The property contains 740 residential dwelling units originally built in 1988. With financing provided by the FHA loan, Lakeshore’s $12.6 million renovation project will include new HardiePlank® siding on all buildings, exterior painting, clubhouse and common area upgrades, roof replacement, new gutters and downspouts, and other grounds improvements. In all apartment homes, renovations include: installation of new kitchen and bathroom cabinets, countertops, new lighting and hardware, new flooring in apartment common areas, new appliances, and interior painting.
“Birge & Held is a valued client of PR Mortgage and we appreciate the opportunity to assist in their growth. Having made them one of their first loans, PR has been fortunate to help them expand their portfolio to over 5,300 units today. They are experts in implementing a value-add rehab strategy in conjunction with FHA’s 223(f) program, which allows them to leverage the improvements and lock in historic low interest rates for 35 years. The seamless process from the time of acquisition with the Merchants Bank loan to closing of the PR Mortgage FHA loan allows them to be efficient with their resources. Birge & Held also has an incredible asset management team that manages the properties long term after the rehab is complete. It is a win-win for all parties, especially the residents of each community”, said Michael R. Dury, Executive Vice President and COO of PR Mortgage & Investments.
PR Mortgage has had a relationship with Birge & Held principals, J. Taggart Birge and Andrew J. Held, since 2012. The principals own and operate their multifamily properties through their management company, Birge & Held Asset Management, LLC.
“PR Mortgage & Investments continues to prove itself as a consistent and dedicated finance provider, and working with the team on the closing of the loan for Lakeshore Apartments has been an excellent collaborative process,” said Andrew Held, Principal of Birge & Held Asset Management LLC.
Both Merchants Bank of Indiana and PR Mortgage & Investments appreciate the opportunity to work with Birge & Held Asset Management, LLC and look forward to providing more service in the future.