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ST. LOUIS, October 19, 2005—Gershman Mortgage, one of the largest mortgage lenders in St. Louis, closed loans totaling over $63 million for four commercial developments in September. For more than 50 years, Gershman has provided financing for residential real estate in the St. Louis region, and for commercial multi-family projects nationwide.

Gershman provided $26,236,100 for the substantial rehabilitation of 400 South 4th Street, formerly known as the PET Building, in St. Louis. Construction is under way to convert the building into the 400 South 4th Street Apartments, a 118-unit loft apartment complex. The project was financed with GNMA mortgage backed securities and insured by the FHA under Section 221(d)(4) of the National Housing Act. Historic tax credits were also used to finance the project.

Gershman provided $30,940,400 to refinance Waterways Apartments. This 344-unit apartment complex is located in Lake St. Louis, MO. The loan was refinanced with the issuance of GNMA securities, and insured by the FHA under Section 223(a)(7).

Gershman refinanced two loans that had previously been financed and FHA insured under Section 202. A recent change to the regulations issued allowed the projects to be refinanced and take advantage of current low interest rates, which resulted in lower monthly mortgage payments. Under HUD’s previous guidelines, the apartments could not be refinanced. Gershman provided $3,293,200 to refinance JVL 21, a 90-unit apartment complex for the elderly. Gershman also provided $2,864, 500 to refinance JVL 17, a 100-unit apartment complex for the elderly. The loans were refinanced with the issuance of GNMA securities, and insured by the FHA under Section 223(f). Both apartment complexes are located in St. Louis, MO. Gershman closed one of the first refinances in the country under the new guidelines in July.

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 75,000 loans in the St. Louis area alone. Nationally, Gershman services over half a billion dollars 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, Fairview Heights, and Southern Illinois 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.