New Affordable Housing Provided in Tennessee Through Churchill Stateside Group’s Private Tax-Exempt LoanProgram
KNOXVILLE, TN DECEMBER 15, 2022 — Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the closing of permanent financing for a new-construction affordable housing project in Knoxville, TN. The apartment community consists of 50 units catering to family tenancy. During the initial funding phase, CSG provided a Construction Loan, which was converted to a $4,550,000 Private Tax-Exempt Loan.
Michael Spain, Vice President of the Southeast region for CSG, said, “We are pleased to have provided both the construction and permanent financing via our Private Tax Exempt Loan Program. This beautiful apartment community has provided much needed safe affordable homes for this community in the city of Knoxville, Tennessee.”
This newly constructed LIHTC apartment community is located less than five miles from Downtown Knoxville and offers vinyl plank flooring throughout, energy star appliances, W/D hookups in each unit, central HVAC systems, energy efficient exterior windows and doors, and brick veneer exterior. Additionally, on-site amenities include a freestanding community center with a business center and lounge, a laundry facility, a playground, walking trails, and multiple picnic areas.
“We are pleased to have provided both the construction and permanent financing via our Private Tax Exempt Loan Program. This beautiful apartment community has provided much needed safe affordable homes for this community in the city of Knoxville, Tennessee.”
Keith Gloeckl (GLEK-el), Chief Executive Officer of CSG, added, “Our Private Placement Tax-Exempt Loan program (PTEL) is a great execution. This transaction needed to close in 90 days from start to closing. Churchill executed with a very timely process and closed the loan within the required timeline.
Kudos to all involved!”
For more information about CSG’s multifamily finance programs and services, please contact Dan Duda, SVP and National Director of Originations and Acquisitions, at (727) 269-5198 or via email at dduda@csgfirst.com.
About Churchill Stateside Group
Churchill Stateside Group (CSG) and its wholly owned affiliates 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 $3 Billion of assets under management, CSG has long-standing and successful investment relationships with numerous corporate investors and pension funds. 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, is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer.
For more information, please visit http://CSGfirst.com