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GERSHMAN MORTGAGE FINANCES
THREE PROJECTS IN DECEMBER
Gershman Mortgage financed over $90 million for three projects in December.
ST. LOUIS, January 1, 2004— Gershman Mortgage financed over $90 million for three projects in December. For 50 years, Gershman has provided financing for residential real estate in the St. Louis region and for commercial multi-family projects in over 10 states.
Gershman financed the renovation of the Paul Brown Lofts, a 222-unit high-rise loft apartment complex in downtown St. Louis. Gershman provided a $28,900,800 loan insured by FHA under Section 220 of the National Housing Act. Additional financing was provided with low-income housing tax credits. Construction on the lofts is currently under way.
Gershman provided $1,121,300 to refinance Lancelot Apartments in Springfield, Missouri. Gershman financed the 45-unit elderly apartment complex using an insured FHA loan under Section 223 (a)(7) of the National Housing Act. The project receives Section 8 subsidies.
Gershman provided funding to refinance The Gatesworth at One McKnight Place in St. Louis. The project is a 265-unit independent living facility.
Gershman is the oldest independent mortgage company in St. Louis, and one of the largest in Missouri. Gershman is an area leader in FHA/VA and conventional single-family home loans, having financed over 50,000 loans in the St. Louis area alone. Nationally, Gershman services over $600 million in loans for multi-family and healthcare facilities in 10 states. Gershman provides and services all types of financing for apartments, nursing homes, assisted living facilities, and hospitals specializing in tax free and taxable bonds. Gershman Mortgage is one of only 58 lenders in the country approved for MAP (Multi-family Accelerated Processing) for apartments, assisted living and nursing homes.
Gershman Mortgage has offices in Clayton, St. Peters, and Fairview Heights, IL and can be found on the web at www.gershman.com. Gershman’s Clayton office is located at 7 North Bemiston. The main phone number is (314) 889-0600 or 1-800-GERSHMAN.
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