Unfunded Forward Permanent Commitment for an Affordable New Construction Multifamily project in North Carolina.
CLEARWATER, FL, October 27th, 2022 — 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 Greensboro, NC. The apartment community will consist of 180 units catering to family tenancy. The improvements will be constructed utilizing Federal Low-Income Housing Tax Credit Equity. CSG provided a $14.6MM permanent loan commitment which will have an amortization of 40 years.
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “CSG’s ability to provide a forward rate lock and issue a commitment early in the underwriting process allowed our developer partner to benefit from a great rate in this ever-increasing rate environment. The ability to early rate lock in the financing process gives our partners comfort that their deal will be financially feasible.”
” CSG’s ability to provide a forward rate lock and issue a commitment early in the underwriting process allowed our developer partner to benefit from a great rate in this ever-increasing rate environment.”
Keith Gloeckl (GLEK-el), Chief Executive Officer of CSG, added, “Churchill is proud to be a part of the delivery of more affordable housing to the Greensboro, NC community.”
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 (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.
For more information, please visit www.CSGfirst.com.
Read the press release here.
