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GERSHMAN MORTGAGE PROVIDES $15.8 MILLION FINANCING FOR COUNCIL TOWER REHABGershman Mortgage is providing financing totaling more than $15.8 million for the substantial renovation of Council Tower, a landmark in mid-town St. Louis. Located at Highway 40 and Grand Boulevard, Council Tower was built in 1968. When completed, the handicapped-accessible, 27-story high-rise apartment building will offer 277 efficiency housing units serving the needs of low-income seniors age 60 and over.
Gershman Mortgage is an area leader in commercial and residential financing, offering both conventional and HUD-insured financing. In the past six years Gershman has participated in more than four dozen commercial and residential projects in the metropolitan area, providing funding in excess of $502.2 million.
Recently these include securing financing for the $142 million redevelopment of The Laurel at 625 Washington Ave. The nearly 600,000-square-foot, 11-story former Dillard’s Department Store building is being converted into 205 apartments, an Embassy Suites Hotel and 30,000 square feet of street-level retail. Gershman also made loans for the $109 million renovation of the former Missouri Pacific/Union Pacific building at 1226 Olive St., now called Park Pacific. The 22-story building will have 232 apartments, 45,000 square feet of office space, garage and 35,000 square feet of street-level retail.
According to Gershman Mortgage President Al Will, “In 2010 our company experienced the best year in our history, closing more than a billion dollars, up an impressive 161% since 2008.”
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| Email: | Gershman@Gershman.com |
| Phone: | 314-889-0600 |
| Toll Free: | 1-800-GERSHMAN |
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