ST. LOUIS /PRNewswire/ — On March 14, Gershman Mortgage closed the refinancing of an existing affordable housing community in St. Louis named AHEPA 53 Inc.
Adam Hendin, Vice President of Multifamily and Healthcare, led the refinancing process and said, “We worked hand in hand with the non-profit owner to simultaneously refinance the property and renew the Housing Assistance Program Contract ‘HAP’ which preserved the affordable units for another 20 years and benefited the community.”
In addition to preserving the affordable units, the 4.7 million dollar refinance allowed the property owner to lower the interest rate which provided savings and reduced the debt payment. The additional cash surplus is being added to the replacement for reserve account to provide for future capital improvements.
The loan was funded under the 223(a)(7) HUD refinance program for existing HUD financed properties.
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.