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ST. LOUIS, November 22, 2005—Gershman Mortgage, one of the largest mortgage lenders in St. Louis, closed loans totaling over $7 million for two commercial developments in Kansas and Arizona in October. 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 $6,074,800 to refinance Tanque Verde Casitas. The 105-unit apartment complex is located on East Tanque Verde Road in Tucson, AZ. The project was financed with GNMA mortgage backed securities and insured by the FHA under Section 223(a)(7) of the National Housing Act.

Gershman provided $1,780,000 for substantial rehabilitation of Canterbury Village Apartments. Renovations are underway on the 100-unit apartment complex. Canterbury Village Apartments is located in Winfield, KS. The loan was refinanced with the issuance of GNMA securities, and insured by the FHA under Section 221(d)(4). An existing FHA 236 Interest Reduction Payment Schedule was decoupled, and will be used for additional financing over the remaining term of the original FHA 236 mortgage. Proceeds from the sale of Low Income Housing Tax Credits were used as an additional financing source.

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.