Four Rural Multifamily Communities Rehabilitated with Innovative Financing Structure
Churchill Stateside Group (“CSG”), a real estate financial services company serving developers and investors in the multifamily housing, renewable energy and entertainment tax credit industries, today announced the closing of a $10.1 million affordable housing transaction. The rural housing portfolio consists of four (4) affordable rural housing properties located throughout the state of Washington.
The properties were constructed in the 1980’s using the USDA 515 Loan Program and Section 42 low-income housing tax credits. CSG provided the construction and permanent financing guaranteed by the USDA-RD 538 Program. The acquisition and rehabilitation of the 109 units includes CSG’s construction and permanent financing coupled with subordination and re-amortization of the original USDA 515 loans, short term tax exempt bonds, Washington State Department of Commerce Trust Fund loan, HOME loan funds, and tax equity proceeds from 4% federal LIHTC. CSG’s affordable housing team provided financing by working with multiple agencies and parties to secure both public and private funding.
“We at Churchill are very pleased to contribute our efforts to assist with the financing of these properties which preserves and updates the apartment units for individuals and families in need of affordable housing,” said Keith Gloeckl, CEO of Churchill Stateside Group.
The scope of the rehabilitation will include new kitchen appliances, kitchen cabinets and countertops, plumbing fixtures, electric baseboard heaters, hot water heaters, flooring, bathroom cabinets and countertops, windows, window coverings, interior/exterior doors, unit painting, roof repairs (where necessary), exterior siding, parking lot resealing/repairs, accessibility issues, site lighting, dumpster enclosures and landscaping. The average hard costs of improvements are expected to be $30,000 per unit.
About Churchill Stateside Group, LLC
Churchill Stateside Group (CSG) and its wholly owned affiliates serve the affordable housing and renewable energy industries. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction and permanent financing solutions. The company’s investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. CSG has long-standing and successful investment relationships with numerous corporate investors, pension funds, and insurance companies. The company is also an approved USDA Rural Development and HUD MAP lender. CSG pursues high quality lending and investment opportunities across the nation.