Last July, Gershman Mortgage in St. Louis financed $50.27 million for four properties located in Missouri, Illinois, California and Indiana.
Currently, Gershman Mortgage services $1.5 billion across 175 commercial loans nationwide, including in St. Louis.
Gershman Mortgage provided $32.5 million to refinance The Lofts at the Highlands, a two building, 200-unit apartment complex in St. Louis. The financing is an FHA-insured 223(a)(7) financed with GNMA collateralized mortgage-backed securities.
For Faith Countryside Homes in Illinois, Gershman Mortgage arranged $13.1 million in 232/223(a)(7) FHA-insured financing with the issuance of GNMA collateralized mortgage backed securities for refinancing. The property is a one-building, 112-unit nursing home facility located in Highland, Ill.
In California, Gershman Mortgage secured $2.1 million to refinance The Courtyard at Little Chico Creek. The 41-unit, single-building assisted-living facility financing is an FHA-insured 232/223(a)(7) with GNMA collateralized mortgage-backed securities.
For Horace Mann Apartments, Gershman Mortgage arranged $2.4 million in 223(a)(7) FHA-insured financing with the issuance of GNMA collateralized mortgage-backed securities for refinancing. Located in Gary, Ind., the apartment complex is 123 units in 28 two-story, walk-up apartment and townhouse buildings.
