Subject: FNC
Michael Thomas, Vice President At Gershman Mortgage Denver, Arranges Financing For Pelican Bay Apartments In Baton Rouge, LA
DENVER, Oct. 31, 2017 /PRNewswire/ -- On October 6th, 2017, Gershman Mortgage closed a bridge to permanent loan in the amount of $6,600,000 for Pelican Bay Apartments, a 152 unit affordable multifamily property in Baton Rouge, Louisiana. Michael Thomas, Vice President at Gershman Mortgage Denver, arranged the closing and is structuring the permanent financing.
Pelican Bay Apartments was developed in three separate phases under Section 42 of the Internal Revenue Code which generated the equity needed in the form of Low Income Housing Tax Credits ("LIHTC"). The LIHTC program guarantees lower income residents housing by restricting rents to what they can qualify for without being cost burdened by paying more than 30% of their income to rent and utilities.
The LIHTC program was created during the Tax Reform Act of 1986 bringing in private investors and today is a vital resource for creating affordable housing in the U.S. "Seasoned LIHTC properties benefit from a financing structure which provides excess capital to make needed repairs and updates. With income restrictions, it requires specialized knowledge to find a way to maximize mortgage proceeds on LIHTC properties," said Michael Thomas, Gershman Mortgage Vice President.
Gershman Mortgage is one of the nation's leading mortgage bankers, offering over 60 years of knowledge, experience and unmatched customer service in both residential and commercial financing. They 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. Gershman consistently ranks as one of the nation's top 10 largest FHA insured loan originators, having closed over $3.4B in FHA insured loans. In addition to originating and funding loans, they also service their loans, with a current portfolio of over $1.3B.
Gershman has historically been a Non-Profit and Affordable Housing lender having been involved in all aspects of affordable housing transaction including 221(d)4 financing, 221(d)3 financing, 236 Interest Rate Reductions, public housing, tax exempt bond financing, LIHTCs, and Project Based Section 8 contracts. We have recently been named one of the country's top 25 affordable housing lenders by Affordable Housing Finance.
Michael Thomas can be contacted directly at (303) 953-4775 or by cell at (303) 810-5170. His email address is [email protected].
SOURCE Gershman Mortgage Denver
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