Private (Non-GSE) Tax Exempt Loan and Allocation of Private Activity Bonds for an Affordable New Construction project in Tennessee
CLEARWATER, FL, August 25, 2020 —Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the closing of the financing for a new-construction affordable housing project in Knoxville, Tennessee. The apartment community will consist of 50 units catering to family tenancy. The improvements will be constructed utilizing equity from the sale of 4% Low Income Housing Tax Credits; issuance of private activity bonds; and, CSG’s Private Tax Exempt Loan Program. CSG is providing a $5.4M Construction Loan during the Initial Funding Phase, which shall convert to a $4.9M Permanent Loan upon stabilization.
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “We are pleased to close this financing through CSG’s PTEL program in just under 95 days during these unprecedented times. The ability to provide financing utilizing a 40-year amortization at a very low interest rate allows the borrower to successfully develop affordable housing in this area. Ultimately, we are able to help our client provide tenants a safe, comfortable, and affordable place to live.”
The to-be built apartment community is located less than five miles from Downtown Knoxville and will offer 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 consist of a freestanding community center with business center and lounge, on-site laundry, playground, walking trails and multiple picnic areas.
Keith Gloeckl, Chief Executive Officer of CSG, added, “We are very excited to introduce our new competitive PTEL program to the Affordable Housing Industry. We believe it will be well received and be an excellent tool for our existing and new clientele. CSG is always striving to create and refine our products to meet the needs of our clients.”
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 and its wholly owned affiliates (CSG) serve the affordable housing and 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 www.CSGfirst.com.