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ST. LOUIS, January 21, 2005—Gershman Mortgage, one of the largest mortgage lenders in St. Louis, provided over $28,000,000 for recent projects.  For 50 years, Gershman has provided financing for residential real estate in the St. Louis region, and for commercial multi-family projects nationwide. 

Gershman provided $18,424,200 in financing for the Soulard Market Apartments.  The project involves renovation of the Welsh Baby Carriage factory in St. Louis’ Soulard neighborhood into a 132-unit high-rise loft apartment complex.  The loan is financed with GNMA mortgage backed securities and insured by the FHA under Section 220 of the National Housing Act.  Additional financing was also provided from the sale of historic tax credits.

To refinance Centennial Place Phase III, Gershman provided $4,359,000.  The 185-unit apartment complex is located in Atlanta.  The loan is financed with GNMA mortgage backed securities and insured by FHA under Section 223 (a) (7) of the National Housing Act. 

Gershman financed two apartment projects in Mehlville, MO—Lemay Manor I Apartments and Lemay Manor II Apartments.  Gershman provided $1,079,700 to refinance Lemay Manor I, a 63-unit apartment complex and $1,548,700 to refinance Lemay Manor II, a 66-unit apartment complex.  Both loans are financed with GNMA mortgage backed securities and insured by FHA under Section 223 (a) (7) of the National Housing Act.

To refinance Cedar Valley Apartments, Gershman provided $1,490,000.  The 88-unit apartment complex is located in DeSoto, MO.  The loan is financed with GNMA mortgage backed securities and insured by FHA under section 223(a)(7) of the National Housing Act.

Gershman provided $746,300 to refinance Charleston Apartments.  The 38-unit apartment complex is located in Charleston, MO.  The loan is financed with GNMA mortgage backed securities and insured by the FHA under section 223 (a) (7) of the National Housing Act.

Gershman provided $451,000 to refinance Douglass Manor Apartments.  The 41-unite apartment complex is located in Webster Groves, a suburb of St. Louis.  The loan is financed with GNMA mortgage backed securities and insured by the FHA under section 223 (a) (7) of the National Housing Act.

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. Gershman provides all types of financing for apartments, nursing homes, assisted living facilities, and hospitals.  Gershman Mortgage is one of only 63 lenders in the country approved for MAP (Multi-family Accelerated Processing) for apartments, assisted living and nursing homes. 

Gershman Mortgage’s website is located at www.gershman.com.  The site’s commercial side outlines the products and programs available to commercial borrowers.  It provides links to important resources and includes a list of documents necessary for reviewing loan requests.  In addition, the site highlights projects and facilities financed by Gershman Mortgage.

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.