Churchill Stateside Group Closes Over $35 million in Financing for Rehabilitation of a 6 Property USDA Rural Development 515 Portfolio in Tennessee

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4% Low Income Housing Tax Credit Equity, USDA RD 538 Debt, and Tax Exempt Bond Financing for 6 Multifamily Properties in Tennessee

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"On this portfolio, and others where we have had the opportunity to be a financing partner, the ultimate goal is to help our clients provide new and existing low-income tenants with a safer, comfortable, and affordable place to call home."

Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the closing of the financing for the acquisition & rehabilitation of a 6-property USDA Rural Development 515 portfolio in Tennessee. The portfolio consists of 244 units occupied by elderly tenants – all of which are subsidized under the USDA Section 521 Rental Assistance Program. The units will be rehabilitated utilizing proceeds from the sale of 4% Low Income Housing Tax Credits, USDA Rural Development 538 long term debt, transfer of existing USDA RD 515 debt, and issuance of short-term cash collateralized bonds. Through its affiliates, CSG is providing $6.1 million in Federal Low Income Housing Tax Credit equity; $10 million in USDA RD 538 guaranteed construction/advance loans; and, underwrote the issuance of $11 million in short-term tax-exempt bonds. In addition, CSG helped the new owner facilitate the transfer of the existing $6.7 million in USDA Rural Development 515 debt along with submission of the tax credit application to THDA.

When rehabilitation is complete, the properties will be like-new including installation of energy-efficient appliances, lighting, and plumbing fixtures. The rehabilitation will also ensure each property complies with applicable Accessibility requirements.

Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “This is an example of our commitment as a leading provider of financial solutions to preserve affordable housing across the country. Our team has the ability and experience to provide all financing needed for our developer clients.”

Keith Gloeckl, Chief Executive Officer of CSG, added, “On this portfolio, and others where we have had the opportunity to be a financing partner, the ultimate goal is to help our clients provide new and existing low-income tenants with a safer, comfortable, and affordable place to call home.”

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 dduda@csgfirst.com.

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 $1 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.

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Dan Duda
@CSGfirst
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