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GERSHMAN MORTGAGE FINANCES OVER $12 MILLION
FOR TWO PROJECTS IN NOVEMBER
Gershman Mortgage financed over $12 million for two projects in the St. Louis area in November.
ST. LOUIS, December 1, 2003— Gershman Mortgage financed over $12 million for two projects in the St. Louis area in November. 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 provided $9,755,300 in financing for substantial rehabilitation of Mount Carmel Senior Living Center & The Arbors at Mount Carmel ($7,659,600 for Mount Carmel and $2,095,700 for The Arbors). Located in St. Charles, Missouri, the facility is a 102-bed skilled nursing home with 14 attached independent living apartments for the elderly. Renovations on the project are just beginning. Gershman used a combination of an FHA insured 232 and an FHA insured 221 (d)(4), financed with GNMA mortgage backed securities for the project.
Gershman provided $2,991,300 to refinance Maryville Gardens III. The facility, located in St. Louis is 98-unit garden apartment complex, including 22 Section 8 units. Gershman used an FHA insured 223 (a)(7) financed with GNMA mortgage backed securities for the project.
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 $500 million in loans for multi-family and healthcare facilities in 10 states. Gershman specializes in providing and servicing all types of financing for apartments, nursing homes, assisted living facilities, and hospitals specializing in tax free and taxable bonds. Gershman Mortgage is one of only 58 lenders in the country approved for MAP (Multi-family Accelerated Processing) for apartments, assisted living and nursing homes.
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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