4% Low Income Housing Tax Credit Equity, USDA RD 538 Debt, USDA RD 515 Debt, and Bond financing for3 Multifamily Properties in Georgia
CLEARWATER, FL, March 23, 2022 —
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 rehabilitation of a three-property USDA Rural Development 515 portfolio in Georgia. The portfolio consists of 152 family, senior, and congregate care units. The units will be rehabilitated utilizing 4% Federal & State 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 or through its affiliates, is providing $6.9 million in USDA RD 538 debt and is the bond underwriter on approximately $10.6 million in short-term tax-exempt bond issuance. In addition, CSG helped facilitate the transfer of the existing $4.1 million in USDA Rural Development 515 debt.
When rehabilitation is completed, the properties will have new upgraded flooring, kitchen cabinets and countertops, energy star appliances, plumbing fixtures, bathroom cabinets and countertops, interior painting, HVAC systems, energy efficient exterior windows and doors, hot water heaters, roofing, landscaping, re-paving, gutters, and brick/vinyl repair as needed. This rehabilitation is an example of how the developer/owner is meeting their goal for preserving their existing portfolio and giving their tenants a better and safer place to live.
” This is an example of our commitment as a leading provider of financial solutions to preserve affordable housing across the country. “
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “This is an example of our commitment as a leading provider of financial solutions to preserve affordable housing across the country. Our team has the ability and experience to provide all financing needed for our developer clients to successfully preserve multifamily rural housing. On this portfolio, we are able to help our client provide hundreds of tenants, a more safe, comfortable, and affordable place to call home.”
Keith Gloeckl (GLEK-el), Chief Executive Officer of CSG, added, “We are happy to participate as the rehabilitation and permanent debt lender as well as the bond underwriter for these three projects. Churchill is pleased to assist in providing affordable housing for the Carrollton, Monroe and Hartwell communities.”
For more information about CSG’s multifamily finance programs and services, please contact your local CSG origination partner.
About Churchill Stateside Group
Churchill Stateside Group (CSG) and its wholly owned affiliates serve the affordable housing and commercial 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.
Churchill Stateside Securities, LLC (CSS) is an independent broker-dealer, registered with the U.S. Securities and Exchange Commission (SEC), a member of the Financial Industry Regulatory Authority, Inc. (FINRA), the Securities Investor Protection Corporation (SIPC), and MSRB registered.
For more information, please visit www.CSGfirst.com.
Read the press release here.