Loan Closings

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!