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GERSHMAN INVESTMENT CORP. CHANGES NAME
Secures Over $64 Million in Financing for Facilities in Three States

ST. LOUIS, July 25, 2003— Gershman Investment Corp. announced that it has secured $15,617,200 in financing for Meridian Village II. Financing was secured through an FHA insured loan financed with the issuance of GNMA securities. Meridian Village II is an independent and assisted living facility located in Glen Carbon, IL. The 133-bed facility will consist of 33 independent living units, 72 assisted living units, and 27 sheltered care units. Meridian Village II is the second phase of construction at Meridian Village. Gershman provided $13,075,000 in financing for the first phase. Construction on the Meridian Village II project is just beginning.

The oldest independent mortgage company in St. Louis, Gershman Investment Corp. has been providing financing for the St. Louis community for 50 years. Named one of the nation’s “Top Commercial Servicers” by Mortgage Servicing News, Gershman is one of only 58 lenders in the country approved for MAP (Multi-family Accelerated Processing) for apartments, assisted living, and nursing homes. Gershman, one of the largest independent mortgage bankers in Missouri, services over $500 million in loans for multi-family apartments and nursing home facilities.

Incorporated in 1953, Gershman is active in providing financing for multi-family projects, most of which are HUD insured, in more than 10 states nationwide. The company specializes in providing and servicing all types of financing for apartments, nursing homes, assisted living facilities, and hospitals utilizing tax free and taxable bonds. Ranked among the largest mortgage lenders in the metropolitan St. Louis area, Gershman is one of the area’s leaders in FHA/VA and conventional single-family home loans, having financed over 50,000 loans in the St. Louis area alone.

Gershman Investment Corp. 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.