Conventional Construction Loan, Forward Permanent Commitment and South Carolina State Tax Credits for an Affordable New Construction project in South Carolina
CLEARWATER, FL, February 02, 2021 — Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the closing of financing for a new-construction affordable housing project in Aiken, South Carolina. The apartment community will consist of 48 units catering to family tenancy. The improvements will be constructed utilizing South Carolina State Tax Credit Equity, Federal Low Income Housing Tax Credit Equity, and Conventional Loan Financing. CSG will be providing $2.66M in South Carolina State Tax Credit Equity, a $7.7M Construction Loan, and a $2.1M Permanent Loan Commitment.
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “We are thrilled to provide South Carolina State Tax Credit Equity on one of the first affordable housing projects to receive an allocation. These newly established credits in South Carolina will help provide much needed affordable housing throughout the State. Additionally, our ability to provide the State Tax Credit Equity, as well as the Construction and Permanent Loan Financing, allowed us to streamline underwriting, which is the type of value-add we pride ourselves on here at CSG.”
Keith Gloeckl, Chief Executive Officer of CSG, added, “Having spent many years as State LIHTC syndicator in Georgia, we are extremely pleased to be able to participate in one of the first South Carolina State Tax Credit awarded deals. More importantly, we are very excited about the increased opportunities for affordable housing. The new South Carolina State Credit will bring additional resources and increased viability to the State. Due to COVID-19, the need for quality affordable housing has never been more evident and this new tax credit will significantly aid in those efforts. Lastly, I am very proud of our staff here at CSG and our position within the affordable housing industry. Our ability to provide multiple products within the same transaction offers our clients a streamlined, efficient process that reduces costs and processing time.”
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.