Between 1980 and 1982, Mike rehabilitated 362 apartments financed under programs offered by the Department of Housing and Urban Development. Mike served as project superintendent for these projects and was responsible for on-site supervision, scheduling, materials release and control, construction draws and HUD inspections.
From 1983 until forming Paragus, Mike was a Project Developer and Development Partner for a major Indianapolis apartment developer. During this time, Mike was responsible for 50% of all new construction, taking projects from conception to completion including establishing initial and final construction budgets. Mike's responsibilities included all materials purchasing and contract negotiations for the project including site, buildings and infrastructure. Other responsibilities included scheduling, supervision and cost control. Project values ranged from $3,500,000 to $25,000,000 and included approximately 3,400 apartments in a three-state area.
Gary G. Ritz - Partner
From 1984 until forming Paragus, Gary worked for a major Indianapolis apartment developer, as Director of Finance and Development Partner. Primary responsibilities were to obtain financing, equity partners and/or purchasers for all apartment communities developed. Relationships were established with banks, thrifts and insurance companies. During this time, construction financing was obtained on approximately 5,000 units in fourteen communities and permanent financing was placed on approximately 3,000 units in seven communities. In addition, three sales were generated involving approximately 1,000 apartments.
Gary was the President of the Indiana Apartment Association in 2006 and 2007, is a licensed real estate broker, and a Housing Credit Certified Professional.