Carmel, INDIANA (08/15/2017) – Carmel Indiana based PR Mortgage & Investments (PR) is pleased to announce the closing of its acquisition of RICHMAC Funding LLC (RICHMAC), a national Freddie Mac Targeted Affordable Housing Seller/Servicer, Fannie Mae Multifamily Affordable Housing Lender, approved FHA multifamily lender and Ginnie Mae issuer. The seller was an affiliate of The Richman Group.
“The RICHMAC platform gives our existing customer base access to Freddie Mac and Fannie Mae, which complements our existing FHA lending platform. Furthermore, RICHMAC and its customers, which include some of the country’s largest apartment owners, will now have support from PR and its parent company, Merchants Bank of Indiana (MBI). MBI will be providing conventional construction and/or bridge loan products that enhance RICHMAC’s permanent loan products. This acquisition solidifies our commitment to affordable housing and gives the MBI family of companies a full array of affordable housing debt products with FHA, Freddie Mac, Fannie Mae, and conventional bank financing.” said Michael Dury, Executive Vice President and COO of PR Mortgage & Investments.
RICHMAC will continue to be led by Mathew Wambua and Marsha Goff from offices in New York and Minneapolis. “We welcome Mathew and Marsha and their staff and look forward to working with our existing and new customers in providing expanded and innovative loan products,” added Dury.
Beekman Advisors served as strategic advisor to RICHMAC in the transaction and assisted with securing transaction approvals. Wooden & McLaughlin LLP and Ballard Spahr LLP served as legal counsel to PR and RICHMAC, respectively.
PR Mortgage & Investments was established in August of 1990 as a mortgage banking firm specializing in multifamily housing and health care facilities finance in the Midwest. PR is a premier provider and servicer of Multifamily, Senior, and Student Housing. PR is an approved FHA Mortgagee and is an approved Multifamily Accelerated Processing (MAP) lender for HUD. PR is a wholly owned subsidiary of Merchants Bank of Indiana.
Merchants Bank of Indiana is headquartered in Carmel Indiana and focuses on several aspects of mortgage lending, agricultural lending, and retail banking services from four Central Indiana locations. Merchants Bank of Indiana has over $3 billion in assets, 165 employees, and more than 100 shareholders. To learn more about Merchants Bank of Indiana, visit www.merchantsbankofindiana.com.