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Gershman Company
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GERSHMAN INVESTMENT CORP. CHANGES
NAME
Secures Over $64 Million in Financing
for Facilities in Three States
ST. LOUIS, October 31, 2003— Gershman Investment Corp.,
the oldest independent mortgage company in St. Louis and one
of the largest in Missouri, announced it has changed its name
to Gershman Mortgage. The new name better reflects Gershman’s
core business—commercial and residential mortgages. 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 Mortgage secured $32,123,600 in financing for The Lofts
@ the Highlands. The 200-unit loft style apartment complex will
be located at 5800 Oakland Avenue in St. Louis. Construction
is just beginning on the project. Gershman used an FHA insured
221 (d)(4) financed with GNMA mortgage backed securities for
the project.
Recently, Gershman Mortgage secured over $32 million in financing
for eight additional facilities in three states. Gershman secured
$3,449,000 in FHA insured 221 (d)(4) financing with GNMA mortgage
backed securities for Duneland Village in Gary, Indiana. Additional
financing for the project came from Hope VI Funds, tax credit
proceeds, and grants from the city of Gary, Indiana. The facility,
a 131-unit apartment complex, is currently under construction.
In Missouri, Gershman secured $8,137,600 to refinance Westpark
Apartments, a 156-unit apartment complex, in West St. Louis
County. Gershman secured $6,917,000 to refinance Greenmar Terrace
Apartments, a 330-unit apartment complex in Fenton. To refinance
Tower Village Apartments, Gershman arranged $4,076,100. The
project is a 98-unit apartment complex that provides affordable
housing, section 8, and rental assistance in St. Louis. Gershman
arranged $1,693,600 for refinancing Cape Gardens Apartments,
a 60-unit apartment complex in Cape Girardeau. All four of the
projects were financed with FHA insured 223 (a)(7) financing
with the issuance of GNMA securities.
In West Virginia, Gershman arranged FHA insured 223(a)(7) financing
with the issuance of GNMA securities to refinance three apartment
complexes. For Elkins Manor, a 102-unit complex in Elkins, Gershman
arranged $2,624,900. Gershman secured $2,404,700 for Beverly
Manor, an 80-unit complex in Beverly. For Lewisburg Manor, a
103-unit complex in Lewisburg, Gershman arranged $2,698,100.
All three apartment complexes provide affordable housing, section
8, and rental assistance.
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. On the
commercial side, Gershman services over $500 million in loans
for multi-family apartments and nursing home facilities. Gershman
specializes in providing and servicing all types of financing
for apartments, nursing homes, assisted living facilities, and
hospitals utilizing tax free and taxable bonds.
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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