USDA Rural Development Permanent Loan for an Affordable New Construction project in Texas
CLEARWATER, FL, February 18, 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 Boerne, Texas. The apartment community consists of 48 units catering to family tenancy. Construction finished in mid-2020 with stabilization in December 2020. Permanent Sources consist of Federal Low Income Housing Tax Credit Equity and a USDA Rural Development 538 Permanent Loan Financing. CSG is providing the $4.8M USDA Rural Development 538 Permanent financing.
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “Our client did an excellent job developing a much needed affordable housing community in Boerne, Texas. We are thrilled to be a part of the financing team, by providing 40-year permanent debt at a very affordable interest rate. The affordability of the USDA Rural Development 538 Program allows our client to run the operations of the property at a very affordable level.”
Keith Gloeckl, Chief Executive Officer of CSG, added, “We continue to provide great service to our customer base. The RD 538 financing program is an excellent choice which enabled the Abbington Ranch property to become more feasible and enhances the long term performance, stability and viability.”
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.