St. Louis-based Gershman Mortgage is financing a $25 million new development to be named The Heights at Delaware Ridge in Wyandotte County, Kansas.
The 228-unit development is Wyandotte County’s first market-rate project in more than 25 years. The project will have a mix of one-, two- and three-bedroom units with rents ranging from $750 to $1,250 a month. The size of the apartments will range from 725 square feet to 1,250 square feet.
The development will have a clubhouse, fitness center, swimming pool and other amenities. The U.S. Department of Housing and Urban Development is insuring the loan.
Currently, Gershman Mortgage services 175 commercial loans. Last June, Gershman originated a $22.6 million loan for Coryell Courts Apartments, a 10-building, 360-unit apartment complex in Springfield, Mo. The financing is an FHA-insured 223(f) financed with GNMA collateralized mortgage backed securities.