Michael Thomas Closes HUD/FHA Loan for Community Hospital
The loan was a refinance which included new capital expenditures for expansion under Section 223(f). The loan amount was $84.6 million fixed at 2.95% and fully-amortizing for 25 years.
In addition this was the first HUD Hospital loan in the Nation to receive HUD’s benefits of being in an Opportunity Zone.
The Deputy Assistant Secretary at FHA/HUD Roger Lukoff attended a press conference on February 22nd at the hospital and stated “FHA also recognizes the benefits of this transaction will advantage the western Colorado regional economy creating jobs and lowering health care costs through the operation of this tremendous asset in Grand Junction.
U.S. Senator Cory Gardner of Colorado who helped to create Opportunity Zones also attended the ceremony and said “We know that wage growth is higher in Opportunity Zones, and are bringing in investments, it’s really a great time to be in the Grand Valley.
Founded in 1955, Gershman Mortgage is growing to be one of the only independently-owned and operated mortgage companies nationwide offering residential, multifamily apartment and healthcare facility financing. Our growth and profitability are directly attributable to the team’s “hands-on” approach to management and direct involvement in the day-to-day running of the company.
Communities, families, and homes are at the heart of what we do at Gershman Mortgage. Our founding principles are based on the core values of honesty, integrity, the entrepreneurial spirit, and putting our customers first. We are passionate and committed to customer service and strive to ensure that we exceed the expectations of our customers. We are a customer-centric company devoted to creating and maintaining long-lasting relationships.
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