Gershman Investment Corp. provided construction and permanent financing for Mansion House Apartments in St. Louis, MO. Managing Director Chris Will originated a $78 million dollar HUD 221(d)4 loan for this historic 29-story high-rise tower. Adjacent to the Gateway Arch, with 415 apartments units, Mansion House is one of St. Louis's most iconic riverfront properties. Renovations to the 1960's-era building will take less than two years to complete, with fully modernized units being delivered in 2027. The $195 million dollar investment represents one of the largest residential investments Downtown St. Louis has seen in decades, and will mark a new chapter in the life of this historic property.
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In addition to the HUD-insured debt provided by Gershman, sources of funding include State and Federal Historic Tax Credits, Opportunity Zone capital from Catalyst Opportunity Funds, and gap financing from Arch to Park Equity Fund. Real estate tax-abatement and sales tax exemption on construction materials was provided by The City of St. Louis.
The $78 million GNMA-backed HUD 221(d)4 provided 40-year fixed, non-recourse, construction – permanent debt. Gershman's GNMA security was acquired by The Builder's ProLoan Bond Fund, a pension fund whose members include various labor trade unions. The Fund provided a significantly below-market interest rate.
The FHA 221(d)(4) Substantial Rehabilitation loan is a government-insured financing program designed to fund the purchase and major renovation of multifamily rental properties. It provides long-term, fixed-rate, non-recourse financing that covers both construction costs and permanent debt in a single loan.
Gershman Investment Corp. is one of the nation's few independently owned mortgage companies that offer FHA-insured multifamily and healthcare financing. Our extensive history of 70 years of personal service, expertise, and dedication to problem-solving ensures a smooth process for financing of project loans. We rank among the top ten originators of FHA multifamily programs by the US Department of Housing and Urban Development. We are one of a small, select group of lenders nationwide to be HUD-approved for MAP (Multifamily Accelerated Processing) for apartments and LEAN processing for nursing homes and assisted living facilities. For more information about Gershman Investment Corp., please visitwww.gershmaninvestmentcorp.com.
7800 Forsyth Blvd, Suite 700,St. Louis, MO63105 | (314) 889-0600
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SOURCE Gershman Investment Corp.
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