144-unit Market Rate Apartment Community
August 31, 2016, Clearwater, FL – Churchill Stateside Group (“CSG”) is pleased to announce the closing through its wholly owned subsidiary, Churchill Mortgage Investment LLC (“CMI”), of Bellevue Mill – a Historic property located in Hillsborough, North Carolina.
The proposed 114-unit market rate apartment community will make use of an existing textile mill built in the early 1900’s that also qualifies for Historic Tax Credits. Financing included a construction loan of $12,920,000, a bridge loan of $3,153,700 and a fixed rate permanent loan forward commitment of $12,920,000. “The financing of this property is a big step for CSG as we continue to build our debt and equity platforms for preserving historic properties throughout the country”, stated CEO Keith J. Gloeckl.
CSG also assisted with the federal historic tax credit equity placement. As with any Historic Tax Credit property, numerous challenges arose during the underwriting process including Brownfield environmental issues, a fire which destroyed one of the larger buildings, and interpreting the recent IRS Historic Guidelines and their impact on investor and owner expectations. Rex Tilley, CSG’s Chief Credit Officer, noted, “This transaction had many challenges and will be a very strong addition to the Hillsborough community upon completion. Plans to redevelopment the site have been ongoing for over a decade, and we are proud to finally see this through with our development partners.”
About Churchill Stateside Group, LLC
Churchill Stateside Group and its wholly owned affiliates serve the affordable housing and renewable energy industries. CSG pursues high quality lending and investment opportunities across the nation. The company, through its subsidiary Churchill Mortgage Investment LLC, is an approved USDA Rural Development lender, FHA MAP/LEAN lender and Ginnie Mae Issuer. 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.