Churchill Stateside Group Closes $30,850,000 USDA Rural Development 538 Loan in North Charleston, South Carolina, the Largest 538 Loan in the Program's History
USDA Rural Development Construction Advance Loan for a New Construction Workforce Housing project in South Carolina.
CLEARWATER, Fla., June 29, 2021 /PRNewswire-PRWeb/ -- 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 workforce housing project in North Charleston, South Carolina. Preserve at Ridgeville will consist of 240 units catering to family tenancy. The capital stack consists of a USDA Rural Development 538 Option 3 Construction Advance Loan and Private Equity. CSG is providing the USDA Rural Development 538 Loan totaling $30,850,000. According to USDA's online data, this is the largest 538 loan in the program's history.
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, "We are excited to partner with our development team consisting of Piedmont Private Equity, Ecstatic Properties, Material Capital Partners, Altriarch Capital, and American South Real Estate Fund on this transaction. It was collaborative and team effort to get this transaction closed successfully through the USDA 538 Loan Program. This development is going to bring much needed workforce housing in North Charleston, South Carolina. We are thrilled to be a part of the financing team, by providing 40-year permanent debt at a very affordable interest rate. The affordability of the USDA Rural Development 538 Program allows our client to run the operations of the property at a very affordable level."
Lead project developers, Eric Conkright with Piedmont Private Equity and John Cattano with Ecstatic Properties, said, "Our development team has noticed an underserved tenant base between high-rent class A and low-income tax subsidized apartment projects. Threading this needle is quite challenging without willing construction and permanent debt partners like Churchill and USDA-RD. We've found a great niche by turning our focus towards high quality projects aimed at the workforce in high-growth, emerging markets such as N. Charleston, South Carolina, that continue to grow their MSA through expansive planning and job generation. With the Camp Hall/Volvo industrial park in Berkeley County and Walmart Ridgeville Import Distribution Center underway in conjunction with the SC Port Authority in nearby Dorchester County, the NW Charleston market is bustling with activity and in dire need of high quality workforce housing projects like the 240-unit Preserve at Ridgeville apartment community."
Keith Gloeckl, Chief Executive Officer of CSG, added, "Due to increasing demand and the growing competitiveness of the Tax Credit market, we firmly believe that Workforce Housing projects like this will play a major role in affordable housing for the foreseeable future. We are pleased to partner with USDA-RD on this transaction and appreciate their efforts to work alongside Churchill to produce much needed work force housing in the North Charleston, South Carolina 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 [email protected].
About Churchill Stateside Group
Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and 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
Daniel Duda, Churchill Stateside Group, (727) 269-5198, [email protected]
Michelle Holguin, ahVanguard Creative Solutions, 7273150986, [email protected]
SOURCE Churchill Stateside Group
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