4% Low Income Housing Tax Credit Equity, USDA RD 538 Debt, USDA RD 515 Debt, and Bond financing for 11 Multifamily Properties in Oklahoma
CLEARWATER, FL, January 21, 2021 — Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the closing of the financing for the preservation and rehabilitation of an 11-property USDA Rural Development 515 portfolio in Oklahoma. The portfolio consists of 261 family-oriented units. The units will be rehabilitated utilizing 4% Low Income Housing Tax Credit Equity, USDA Rural Development 538 long-term debt, transfer of existing USDA RD 515 debt, and issuance of short term cash collateralized bonds. CSG through its affiliates, is providing $6.3 million in Low Income Housing Tax Credit equity, $12.5 million in USDA RD 538 debt, and is the bond underwriter on approximately $12.6 million in short term tax exempt bond issuance. In addition, CSG helped facilitate the transfer of the existing $7.8 million in USDA Rural Development 515 debt.
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “We are pleased to help provide financing for the rehabilitation of this portfolio in Oklahoma. The rehabilitation will provide the existing tenants a more safe, comfortable and affordable place to call home. This is an example of CSG’s dedication to provide the necessary financial services to successfully preserve multifamily rural housing across the country.”
Keith Gloeckl, Chief Executive Officer of CSG, added, “This was a complex affordable housing execution involving multiple USDA RD multifamily properties where CSG provided construction/perm debt, equity and bonds. CSG has an extremely experienced team that makes a complicated transaction easier for USDA property owners to undertake with the final result of having preserved affordable housing in communities where it is desperately needed.”
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.
Read the press release here.