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Churchill Stateside Group Closes $36.4 Million in USDA 538 Guaranteed Loans along with $33.4M in LIHTC Syndication/Brokerage Equity Investment

PRWeb Thursday, 24 January 2019
For Three Existing USDA Financed Portfolio Transactions comprised of 1,477 units; 37 Apartment Communities in Pennsylvania, Georgia and Washington

CLEARWATER, Fla. (PRWEB) January 24, 2019

Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, announced the closing of $36.4 million in long-term, fixed-rate financing and $33.4 million in Federal and State LIHTC for Rural Multifamily Properties located in central PA, GA and WA.

CSG, through its subsidiary Churchill Mortgage Investment LLC (CMI), provided $36.4 million in guaranteed loans pursuant to the U.S. Department of Agriculture Rural Development (USDA) Section 538 Program. Proceeds from the construction advance loans, along with LIHTC equity and other sources, are being used to acquire and rehabilitate 38 existing rural apartment properties containing 1,477 affordable housing units. As part of this financing arrangement, USDA agreed to defer payment on their existing subordinated 515 loans for a period of 20 years and provided new 515 financing on one of the portfolios.

The amount of coordination and detail required to close RD portfolio transactions is substantial and requires a veteran staff with the appropriate experience which is what CSG provides. Jerome Sullivan, Chief Financial Officer of CSG, said, “we’ve all worked hard to establish the relationships with the various RD offices, numerous third party service providers and other professionals necessary to successfully close these transactions.”

In Pennsylvania, CMI closed $6.19 million in new USDA 538 debt. Its affiliate, Churchill Stateside Securities, LLC (CSS), syndicated $11.95 million in Federal LIHTC equity and also assisted in the underwriting of $23.42 million in Short Term Tax Exempt Bonds to secure the 4% tax credits. The new owner assumed $18.1 million in existing restructured USDA 515 debt and secured $11.2 million in new USDA 515 debt. This portfolio consists of 15 apartment communities with 485 units for both family and elderly tenancy.

In Georgia, CMI closed $10.58 million in new USDA 538 debt and CSS brokered $21.18 million in Federal and State LIHTC equity for 16 existing apartment communities. The new owners assumed $13.46 million in existing restructured 515 debt. This portfolio consists of 16 apartment communities with 537 units for both family and elderly tenancy.

In Washington, CMI closed $19.6 million in new USDA 538 debt. CSS assisted with underwriting of $22.1 million in Short Term Tax Exempt Bonds to secure the 4% tax credits. The new owner assumed $7.85 million in existing restructured USDA 515 debt. This portfolio consists of 7 apartment communities with 455 units for both family and elderly tenancy.

Rex Tilley, CSG’s Chief Credit Officer, expressed the company’s gratitude to USDA’s state, regional and national multifamily staff. “These transactions are highly complicated with many pieces of the puzzle that must be put together in a timely and coordinated manner. We greatly appreciate the effort of the RD staff to assist in this goal of preserving critical rural affordable housing.”

Anna Parks, CSG’s Deputy Chief Underwriter, noted, “Our experienced underwriting and loan servicing teams ensure compliance with all aspects of USDA’s lending programs and LIHTC equity investments to meet the unique needs of our customers, agencies and investors.”

“Our business has always been about creating lasting partnerships. We forge partnerships with thought leaders and visionary organizations—groundbreakers who take affordable housing a step further,” adds Keith Gloeckl, Chief Executive Officer, “what this means for the developer is a partner that opens the lines of communication, thinks creatively, and approaches your financing needs in a flexible yet straightforward way. Expect direct communication and innovative solutions from CSG’s professional team. With these recent transactions, we are most pleased to be a part of ensuring that older affordable properties receive the rehabilitation funding they need in order to continue providing safe, affordable housing for another generation.”

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.

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