Churchill Stateside Group Closes a $37.9 Million USDA Rural Development 538 Loan in Warrenville, South Carolina. The Warren Mill Lofts Closing Tails Second to the 2022 USDA 538 Record Breaking $42.6 Million Closing Which is Also Financed by Churchill Stateside Group.
WARRENVILLE, S.C., June 8, 2023 /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 an adaptive re-use of a former textile mill into 139 units plus the new construction of three buildings containing 66 units (total of 205 units). The Warren Textile Mill was built between 1896 and 1898 and operated its textile operations until it became part of Graniteville Manufacturing Company in 1918 and continued operations until 1982. The capital stack consists of a USDA Rural Development 538 Option 3 Construction Advance Loan, Federal & State Historic Tax Credit Equity, and Textile Mill Tax Credit Equity. CSG is providing the USDA Rural Development 538 Loan totaling $37,900,000. According to USDA's online data, this is the second largest 538 loan in the program's history. CSG financed the largest 538 loan in 2022 which consisted of some of the same development team members as the Warren Mill Lofts community.
Eric Conkright, VP of Finance with Piedmont Private Equity, stated, "The restoration of the historic 1896 Warren Mill is important to reactivate the local community and provide much needed workforce housing to an area that has been overlooked for decades. The Augusta GA / Aiken SC MSA is seeing tremendous growth in employment opportunities, but quality housing is lagging behind, particularly in for-rent apartments."
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, "We are pleased to provide affordable construction and permanent financing to our development partners, Piedmont Private Equity & Camden Management. The exceptional expertise of Piedmont Private Equity & Camden Management is going to positively impact the community of Warrenville, SC. The Warren Mill Lofts rehabilitation will bring much needed workforce housing units to the area. In addition, we appreciate our partnership with USDA Rural Development as this development project is through USDA's 538 Loan Guarantee Program."
Keith Gloeckl, Chief Executive Officer of CSG, added, "In addition to much needed Affordable Housing we are pleased to also address the needs of Workforce Housing across America. This was a complicated execution. Our experienced staff of underwriters, processors, and closers along with our capital partner were able to bring this to a successful closing."
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, 5087358672, [email protected]
SOURCE Churchill Stateside Group
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