Loan Closings

PR Mortgage & Investments (PR) is proud to announce the closing of Castle Point Apartments, located just north of the University of Notre Dame. The project was constructed in phases from 1974 to 1980 and has been a landmark in the South Bend community for years. The acquisition involves about $5 million of rehab including clubhouse renovations, interior unit renovations (lighting, flooring, countertops, appliances), installing new washer and dryers, exteriors renovations, and new carports. The buyer, an affiliate of Metonic Real Estate Solutions, purchased the project with convention bridge financing through Merchants Bank of Indiana, the parent company to PR Mortgage. PR Mortgage refinanced the bridge loan with long-term debt through FHA through their 223 (f) permanent loan program. “We at PR Mortgage are very pleased to contribute to such a great acquisition strategy. Metonic’s expertise on the construction and management side will allow for a seamless rehab process and ensure the long-term viability of the project for the residents of the South Bend community,” said Mike Dury, COO of PR Mortgage & Investments. The two-step process allowed Metonic to purchase the project quickly through MBI and then process the loan efficiently through PR Mortgage with FHA to lock in these historically low fixed rates. “The leverage, fully amortizing debt and non-recourse are very attractive and this two-step loan process is one of the most competitive products on the market,” said Dury. Metonic Real Estate Solutions is based in Omaha, Nebraska. The principals have participated in the acquisition, financing, asset management and disposition of more than $2 billion of real estate. This is their second project in Indiana. Both projects were financed by PR Mortgage & Investments.

PR Mortgage & Investments with multifamily specialist Barrett & Stokely Inc. is proud to provide financing through our parent company, Merchants Bank of Indiana, for a new luxury multifamily apartment community in Carmel Indiana.  The Seasons of Carmel, located at Westfield Boulevard and 98th Street, is a 14 building, 256 unit complex on 21 acres.  The Seasons was designed to mimic an upscale luxury resort and boasts an exquisite amenity package. The community is located on the new Lenape Trail, an extension of the Monon Trail.  Each apartment home features top of the line finishes.  Community amenities include a salt water pool and sunning ledges, a two-story fitness center, outdoor grilling lounge, and fire pits.  In addition, every apartment will have the option for garage parking.  The first units became available in April 2015. PR Mortgage & Investments is celebrating 25 years in business.  Our origination team leverages experience and expertise to provide financing for the development and expansion of multifamily housing projects throughout the Midwest.

PR Mortgage originated and closed a bridge loan through our parent company, Merchants Bank of Indiana, allowing Herman & Kittle to acquire a 378-unit apartment community located on the northeast side of Indianapolis. The MBI loan acts as a bridge to the permanent FHA-insured loan that closed in the first quarter of 2014; and has allowed our client greater flexibility on the timing of the acquisition. Through the FHA loan, the new owner plans to make moderate improvements to the property while taking advantage of a low interest rate and 35-year amortization on HUD’s non-recourse Section 223(f) loan program. The bridge loan and HUD 223(f) loan applications were processed simultaneously to ensure the HUD process could get underway as quickly as possible. Additionally, all HUD 3rd party reports were used for the bridge loan, saving our client time and money. Contact your Loan Originator today to ask how the MBI Bridge Loan Program can work for you!