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GERSHMAN MORTGAGE FINANCES $8.7 MILLION IN PROJECTS

ST. LOUIS, May 19, 2004— Gershman Mortgage provided over $8.7 million in financing for two projects in April.  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 over $8.3 million for the rehabilitation of Oakview Heights, a skilled nursing center, and construction of a new supportive living facility in Mt. Carmel, Illinois.  The facility includes 128-beds nursing with 90 beds devoted to skilled nursing and 38 in the supportive living facility.  The supportive living facility is being built adjacent to the skilled nursing center, which is undergoing renovations.  Gershman provided an $8,332,400 loan financed with GNMA mortgage backed securities and insured by the FHA under Section 232 of the National Housing Act. 

Gershman Mortgage provided a loan to refinance Crown Heights Apartments in Springfield, Missouri.  The 24-unit apartment complex provides housing for low- and moderate-income tenants who receive a Section 8 subsidy.  The loan is financed with GNMA mortgage backed securities 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 66 lenders in the country approved for MAP (Multi-family Accelerated Processing) for apartments, assisted living and nursing homes. 

Gershman Mortgage recently launched a new website, 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.