Churchill Stateside Group Closes a $5.4 Million Permanent Loan on the Filbin Creek Apartments in North Charleston, South Carolina
Churchill Stateside Group is Pleased to Announce the Closing of a $5.4 Million Permanent Loan to Provide 64 Rehabilitated Units to the Filbin Creek Apartments Community in North Charleston, South Carolina
NORTH CHARLESTON, S.C., June 29, 2023 /PRNewswire-PRWeb/ -- Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the closing of a $5.4 Million permanent loan for Filbin Creek Apartments. Filbin Creek Apartments provides 64 newly improved family tenancy units to the community of North Charleston, South Carolina. Churchill Stateside Group provided the initial construction loan of $9.5million for the rehabilitation of the project. Other sources of the capital stack consist of equity from the sale of 4% Low Income Housing Tax Credits.
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, "We are proud to have provided the financing to enable the rehabilitation of this apartment community. We utilized our Churchill Private Tax Exempt Loan Program which allowed our developer partner to transition smoothly from our construction to permanent loans. Our development partner was able to maintain the very low interest rate and 40-year amortization on the permanent loan to which we, CSG, committed to in 2021."
Keith Gloeckl, Chief Executive Officer of CSG, added, "This loan will now transfer to CMI's permanent loan servicing platform. We have an experienced staff of loan servicers who provide excellent service including ongoing analysis and timely reporting to all parties involved in this affordable housing transaction."
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) 415-9556 or via email at [email protected].
About Churchill Stateside Group
Churchill Stateside Group and its wholly owned affiliates (CSG) 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 $5 Billion of assets under management, CSG has long-standing and successful investment relationships with numerous corporate investors. 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 http://www.CSGfirst.com.
Media Contact
Carter Daignault, Churchill Stateside Group, 7272330614, [email protected]
SOURCE Churchill Stateside Group
Share this article