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Multifamily Property Programs

New Construction and Substantial Rehabilitation

Gershman Mortgage offers loans for the new construction and substantial rehabilitation of multifamily rental or cooperative housing for market-rate, low-to moderate-income families and the elderly. Projects are eligible for HUD-insured financing under MAP (Multifamily Accelerated Processing). Available for both profit-motivated and not-for-profit projects.

Section 220: New Construction and Substantial Rehabilitation in Urban Renewal Areas

Section 221(d)(4): New Construction and Substantial Rehabilitation

Acquisition and Refinancing

Gershman Mortgage refinances existing multifamily rental housing. Projects originally financed with conventional or FHA insured mortgages are eligible for up to 35 years fixed rate financing. Available for both profit-motivated and not-for-profit projects.

Section 223(f):  Acquisition and Refinancing

Section 223(a)(7):  Refinancing of Existing FHA Insured Loan

Section 241(a):  Financing for Supplemental Loans (Second Mortgages)

Documents Required to Review Loan Requests

New Construction / Substantial Rehab of Apartment Projects – HUD 221(d)(4)
  • Preliminary architectural plans, if available
  • Location
  • Breakdown of number of units by type
  • Land cost for acquisitions
  • Management company experience if available
  • Owner-elected repairs
  • Planned amenities (examples: pool, clubhouse, unit finishes)
Acquisition and Refinancing of Existing Apartment Projects – HUD 223(f)
  • Description of Project
  • Location
  • Financial statements for the last three years
  • Breakdown of number of units by type and montly rent
  • Sales price for acquisitions
  • 6 months occupancy history
  • Owner-elected repairs

Business Affiliations