CLEARWATER, FL, August 31, 2021 — Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the closing of financing for Villas del San Xavier Senior Residences in San Marcos, Texas. Villas del San Xavier Residence will be a $35.6MM age restricted senior affordable housing community consisting of 156 one- and two-bedroom units. CSG is providing a Private Tax-Exempt Construction Loan (“PTEL”) totaling $25.55MM as well as a $2.1MM Taxable Tail Construction Loan. The housing residents are slated to start moving in by summer of 2023.
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Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “We are thrilled to be able to provide this PTEL product as this structure allows our developer client to use tax exempt loan proceeds to hit the 50% bond allocation test requirement for 4% LIHTC executions. In addition, these proceeds will be utilized at the same time to help fund the cost of construction. This housing project will serve the community of San Marcos extremely well as there is a large demand for senior housing in the community.”
” We are thrilled to be able to provide this PTEL product as this structure allows our developer client to use tax exempt loan proceeds to hit the 50% bond allocation test requirement for 4% LIHTC executions. “
Keith Gloeckl, Chief Executive Officer of CSG, added, “Due to increasing demand and the growing competitiveness of the Tax Credit market, we firmly believe that Workforce Housing projects like this will play a major role in Keith Gloeckl, Chief Executive Officer of CSG, added, “We are pleased to provide the construction loan for this affordable housing property and want to thank all of our partners that assisted us to a successful closing.”
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 bondfinancing 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.
© 2021 Churchill Stateside Group. All rights reserved. Churchill Stateside Securities, LLC is a wholly-owned by Churchill Stateside Group, LLC. Securities are offer though Churchill Stateside Securities, LLC, member FINRA/SIPC. Investing involves the risk of loss. Past performance is not indicative of future results.
For more information, please visit www.CSGfirst.com.
Read the press release here.