ST. LOUIS, Oct. 15, 2021 /PRNewswire/ -- In August 2021, Gershman Investment Corp. financed the construction of Heartland View Apartments, located in Wentzville, MO. The $33.7mm loan was originated by Managing Director Adam Hendin, who worked with the Borrower to obtain HUD 221(d)4 financing. "The Gershman team is thrilled to be a part of the Heartland View Apartment project and was glad to work with a sophisticated, high quality development team on their first 221(d)4 transaction," says Hendin. The project was designed by Barnett Design Studio and Holland Construction is the General Contractor.
This project is situated in a rapidly developing, mixed-use neighborhood within close proximity to a wide variety of local amenities including schools, grocery, retail and area employers. A brand-new city recreational center is under construction adjacent to the property to the west. Amenities include a clubhouse with on-site leasing and management, business center, game room, theater area, community kitchen with bar seating, lounge area, and coffee bar. An outdoor pool with grills, pool furniture and overhang with fans adjacent to the clubhouse are also offered.
This loan's term is for 40 years plus construction, non-recourse, and high leverage at 85% loan to cost.
"TriStar Properties thoroughly enjoyed working with Gershman Investment Corp. on this transaction. Adam and his team helped us navigate our way through this process as efficiently and seamlessly as possible. I would highly recommend GIC to anyone looking to finance a project through the HUD insured multifamily loan programs." – Matt Towerman, Executive Vice President and Principal, TriStar Properties
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SOURCE Gershman Investment Corp.