CLEARWATER, Fla.--(BUSINESS WIRE)--Churchill Stateside Group, LLC (“CSG”), a real estate and renewable energy financial services company, is pleased to announce the closing of financing for the preservation and rehabilitation of a 14-property USDA Rural Development 515 portfolio in North Carolina. This portfolio consists of existing apartment communities totaling 383 total units. Churchill Mortgage Investment LLC (“CMI”), a subsidiary of CSG, is providing the $11,282,000 of USDA Rural Development 538 debt for the rehabilitation of these existing communities. Additionally, Churchill Stateside Securities, LLC (“CSS”) is assisting in the bond underwriting of the $15,200,000 of short term tax exempt bond issuance. In addition, the financing includes the allocation of 4% Low Income Housing Tax Credit Equity. All 14 of these multifamily sites will aim to help the preservation of affordable housing in multiple counties throughout the state of North Carolina.
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “We are pleased to help provide financing for the rehabilitation of this portfolio in North Carolina. This is an example of CSG’s dedication to providing the necessary financial services to successfully preserve multifamily rural housing across the country. In addition, we are very thankful for our development and ownership partners for allowing us to help in the preservation of their portfolio.”
Keith Gloeckl, Chief Executive Officer of CSG, added, “We, at Churchill, are pleased to be involved in the preservation of rural multifamily housing. This type of financing is one of the bedrocks within the Churchill financing platform. Providing bond financing and technical ability, along with processing skills for the revitalization of USDA RD 515 properties, is very important to keeping rural communities vibrant and sustainable. Churchill is very experienced in this area and has provided financing for many rural multifamily housing communities throughout the United States. We are happy to add these properties to our loan portfolio.”
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About Churchill Stateside Group
Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and commercial renewable energy industries. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction, permanent, and bond financing solutions. With over $6 Billion of assets under management, CSG has long-standing and successful investment relationships with numerous corporate investors. The company's investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC (CMI), is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer, seller, and servicer.
Churchill Stateside Securities, LLC (CSS) is a subsidiary of CSG and an independent broker-dealer, registered with the SEC, MSRB and a member of FINRA. CSS is not acting as your financial advisor. This material should not be construed as an investment solicitation, recommendation or advice. Investing involves the risk of loss. Past performance is not indicative of future results.
