New Affordable Housing in Knoxville, Tennessee Through Churchill Stateside Group's Private Tax-Exempt Loan Program ("P-TEL")
KNOXVILLE, Tenn., March 16, 2023 /PRNewswire-PRWeb/ -- Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to provide the financing for a new-construction affordable housing community in Knoxville, Tennessee. The apartment community will consist of 112 units catering to family tenancy. The improvements will be constructed utilizing equity from the sale of 4% Low-Income Housing Tax Credits; issuance of private activity bonds; and CSG's Private Tax-Exempt Loan Program. CSG is providing a $16M Construction Loan during the Initial Funding Phase, which shall convert to a $11.28M Permanent Loan upon stabilization.
Michael Spain, Vice President of the Southeast region for CSG, said, "we are proud to partner with a repeat client to finance this 112-unit new construction 4% bond deal located in the City of Knoxville, Tennessee through our Private Tax-Exempt Loan Program ("P-TEL"). In working with our developer client and other members of the development team we were able to overcome several challenges and ensure the financing was in place and the tax-exempt bonds were allocated in under 95 days to meet a strict deadline."
Keith Gloeckl (GLEK-el), Chief Executive Officer of CSG, added, "Central Terrace had a 95-day time frame to close. We are very pleased to be part of getting this transaction closed on time."
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 [email protected].
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 http://www.CSGfirst.com.
Media Contact
Rachel Jean-Pierre, Churchill Stateside Group, 7272330614, [email protected]
SOURCE Churchill Stateside Group
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