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.