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 a 168-unit new construction community located in Morehead City, North Carolina. The financing for the construction of this community includes a $14,236,200 FHA/HUD 221(d)(4) Construction Advance loan and $18,000,000 of short-term cash collateralized tax-exempt bonds through Churchill Stateside Securities.
4% Low Income Housing Tax Credits will be used in conjunction with the FHA/HUD 221(d)(4) mortgage insurance to finance the construction of this project. The community will target rent levels at 60% of the area median household income. The community will be comprised of 7 three-story walk-up buildings with 168 units and a one-story community center clubhouse on over 11 acres. Units in this community will also include patios/balconies for tenants to enjoy.
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “CSG’s ability to provide the FHA/HUD 221(d)(4) loan at a 40-year term and amortization, at a very low rate, allowed our development partner to maximize loan proceeds to make this project economically feasible. We are very appreciative to work with our development partner. In addition, we would like to thank the U.S. Department of Housing and Urban Development for supporting this project through its 221(d)(4) loan program.”
Keith Gloeckl, Chief Executive Officer of CSG, added, “Churchill delivers again by providing a very competitive FHA/HUD 221(d)(4) loan. In addition to the LIHTC HUD loan, this transaction involved several additional entities that all needed to come together in a narrow timeframe to get the deal to the closing table. Churchill’s HUD staff performed at a high level to bring the results needed to achieve a successful closing.”
For more information about how Churchill Stateside Group can support your financial objectives, please contact Dan Duda, SVP, National Director of Originations & Acquisitions at (727) 415-9556 or via email at Dduda@CSGfirst.com. For more information about CSG's multifamily finance programs and services nationwide, please contact our production team via email at Production@CSGfirst.com.
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.
