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PR Mortgage & Investment closes RICHMAC Funding deal

Carmel, Ind.-based PR Mortgage & Investments has closed its acquisition of multifamily lender RICHMAC Funding LLC.

RICHMAC is a national, Freddie Mac-targeted affordable housing seller and servicer, Fannie Mae multifamily affordable housing lender, approved Federal Housing Administration multifamily lender and Ginnie Mae issuer. The seller was an affiliate of The Richman Group.

RICHMAC will continue to be led by Mathew Wambua and Marsha Goff from offices in New York and Minneapolis.

Beekman Advisors served as strategic adviser to RICHMAC and assisted with securing transaction approvals. Wooden & McLaughlin LLP and Ballard Spahr LLP served as legal counsel to PR Mortgage and RICHMAC, respectively.

PR Mortgage is a wholly owned subsidiary of Merchants Bank of Indiana.