Gershman Mortgage Finances Creating Affordable Units in Omaha

ST. LOUIS, May 2, 2018 /PRNewswire/ -- On March 29^th, 2018 Gershman Mortgage closed a 120 unit, 100% affordable housing development new construction and permanent loan in Omaha, Nebraska.

Adam Hendin, Vice President of Multifamily and Healthcare, led the refinancing process and said, "Gershman is thrilled to be a part of a development providing much needed affordable housing in the market.  The development team secured TIF support from the City in a challenging tax credit environment in which Gershman was able to leverage to fill the financing gap."

The loan was funded under the 221(d)(4) HUD new construction/ permanent financing program and also utilized Low Income Housing Tax Credits ("LIHTC") as a key equity source. The HUD program requires the General Contractor to pay prevailing wages for the area which also helps to boost employment and income for the labor market by creating good paying jobs in the region.

About Gershman Mortgage:

Gershman Mortgage is one of the nation's leading mortgage bankers, offering over 60 years of experience, security, and unmatched customer service in residential and commercial financing Gershman has maintained a reputation in the mortgage industry that few lenders can equal.  We were one of the first lenders in the country to be MAP (Multifamily Accelerated Processing) approved, giving the company extensive experience and a unique understanding of the HUD process.  We are consistently one of the nation's leading FHA insured loan originators, having closed over $3.4B in FHA insured loans.  In addition to originating and funding loans, Gershman also services our loans. 

Adam Hendin can be contacted directly in the St. Louis office of Gershman Mortgage at (314) 889-0694. His email address is [email protected].

SOURCE Gershman Mortgage

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