Project:

Marsh Pointe

Completed:

2018

Project Type:

New Construction

Location: 

Port Royal, SC

Marsh Pointe is a recently completed affordable housing development containing 48 apartment units of which 10 units are set-aside to tenants with income at or below 50% of Area Median Income with 38 units set-aside to tenants with income at or below 60% of Area Median Income.

Churchill Financing:

Permanent Loan guaranteed by the USDA 538 loan program – $2,540,000*

 

* Churchill provided a 24-month unfunded forward rate lock commitment for this transaction upon receipt of the USDA-RD 538 Conditional Commitment at construction loan closing.

In addition to the Churchill financing above, the sale of Federal 9% LIHTC was also used to fund acquisition of the site and construction costs.