Gershman Investment corp. Secures $78.3 Million in Financing for Historic St.Louis Apartment Renovation
ST. LOUIS, October 2, 2025 – Gershman Investment Corp. has finalized a $78.3 million loan through the U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) programme to finance the considerable rehabilitation of the iconic Mansion house Apartments in downtown St.Louis, Missouri. The financing will fuel a $195 million revitalization project for the 29-story, 415-unit riverfront property, located adjacent to the Gateway Arch.
The loan, originated by Gershman Managing Director Chris Will, provides 40-year fixed, non-recourse, construction-to-permanent debt. It’s backed by GNMA and was acquired by the Builder’s ProLoan Bond Fund, a pension fund representing various labor trade unions, offering a below-market interest rate.
The renovation of the 1960s-era building is expected to take less than two years, delivering fully modernized apartment units in 2027. This investment represents one of the largest residential projects undertaken in downtown St. Louis in decades, promising a significant upgrade to a landmark property.
Funding for the project is a collaborative effort, combining the HUD-insured debt with State and Federal Historic Tax Credits, Opportunity Zone capital from Catalyst Opportunity Funds, and gap financing from Arch to Park Equity Fund. The City of St. Louis has further supported the project through real estate tax abatement and a sales tax exemption on construction materials.
The FHA 221(d)(4) Substantial Rehabilitation loan program is specifically designed for the acquisition and major renovation of multifamily rental properties, offering long-term, fixed-rate, non-recourse financing covering both construction and permanent financing needs in a single loan.
Gershman Investment Corp., a privately-owned mortgage company, is a leading originator of FHA-insured multifamily and healthcare financing, ranking among the top ten originators nationally as recognized by HUD. The company is also approved for HUD’s Multifamily Accelerated Processing (MAP) program for apartments and LEAN processing for senior housing facilities, streamlining the financing process for borrowers.
“Our extensive history of 70 years of personal service, expertise, and dedication to problem-solving ensures a smooth process for financing of project loans,” Gershman states on its website.
For more information about Gershman investment Corp., visit www.gershmaninvestmentcorp.com.
Contact:
7800 Forsyth Blvd, Suite 700, St. Louis, MO 63105
(314) 889-0600