Dealmaker: Gershman Investment Corp. Originates $34M HUD Loan

Gershman Investment Corp., St. Louis, Mo., closed a $33.7 million HUD 221(d)4 loan for Heartland View Apartments in Wentzville, Mo.

TriStar Properties, Creve Coeur, Mo., will use the financing to develop the 201-unit property on 13 acres.

Gershman Managing Director Adam Hendin originated the HUD 221(d)4 financing. The loan’s term equals 40 years plus additional time for construction. The non-recourse loan closed at 85 percent loan to cost.

Hendin noted this project represents the development team’s first 221(d)4 transaction.

Heartland View Apartments is in a rapidly developing mixed-use neighborhood near schools, grocery, retail and employers. A new city recreational center will deliver adjacent to the property shortly. Community amenities include a clubhouse with on-site management, business center, game room, theater area and community kitchen with bar seating.

Barnett Design Studio designed the property; Holland Construction is the General Contractor.