Richmac

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.”

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.