Churchill Stateside Group Closes $12.89 Million HUD 221(d)4 Insured Loan

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92-unit New Construction Market Rate Apartment Community

CSGfirst.com Springwood at Allen

Springwood at Allen

"The depth of experience in our HUD underwriting team allowed us to meet the developer’s objectives of maximum loan proceeds and an early interest rate lock in a rising rate environment."

Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the closing of Springwood at Allen, a 92-unit new construction market rate community, located in Allen, TX.

CSG through its subsidiary Churchill Mortgage Investment LLC (CMI), provided a $12,894,500 insured loan pursuant to the U.S. Department of Housing and Urban Development (HUD), Section 221(d)4, for construction of multifamily market rate properties. The project is a single story/ranch style apartment property for seniors 62+ years of age.

CSG offers more than 25 years of construction lending and loan administration capabilities which exceed $1.5 billion in all 50 states. Keith J. Gloeckl, CEO of CSG stated “Our goal is to deliver outstanding service along with competitive rates, terms and loan proceeds. We are especially proud of our quick turnaround times in processing construction draws for properties such as Springwood at Allen”.

CSG’s experienced team ensures that all aspects of the construction lending programs are effectively managed from application to servicing to meet the unique needs of their clients for both conventional and affordable multifamily housing loans. Daniel Duda, Vice President, National Associate Director of Originations and Acquisitions at CSG confirmed “The depth of experience in our HUD underwriting team allowed us to meet the developer’s objectives of maximum loan proceeds and an early interest rate lock in a rising rate environment.” Construction commenced shortly after closing in December 2018.

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 and permanent financing solutions. With over $1 Billion under asset 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.

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Robert M. Stout
Churchill Stateside Group
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