Private Tax Exempt Loan for Filbin Creek Apartments, an Affordable New Construction project in North Charleston, South Carolina.
CLEARWATER, FL,April 06, 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 North Charleston, South Carolina. The apartment community will consist of 64 units catering to family tenancy. The improvements will be constructed utilizing equity from the sale of 4% Low Income Housing Tax Credits; issuance of bonds; and CSG’s Private Tax Exempt Loan (“PTEL”) Program. CSG is providing a $9.5M Construction Loan during the Initial Funding Phase, which shall convert to a $5.1M Permanent Loan upon stabilization.
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “We are excited to be able to provide this affordable and competitive PTEL structure to our developer partner, AEDIS Development. With the PTEL financing structure, AEDIS is able to benefit from a seamless Construction to Permanent Loan and was able to lock in a very low interest rate in this increasing rate environment utilizing a 40-year amortization.”
Keith Gloeckl, Chief Executive Officer of CSG, added, “We are very pleased with how well our PTEL program has been received in the market and fully expect the demand for this program to continue to grow in this rising interest rate environment. Our PTEL has proven to offer a significant savings to the developer in terms of the decreased bond issuance cost and in time saved with a quicker closing versus other executions. Overall, we are very happy with the current direction of the program.”
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.