Churchill Stateside Group Closes $24.1MM in Financing for the Preservation and Rehabilitation of a 6-Property USDA Rural Development 515 Portfolio in Kentucky

CLEARWATER, Fla.--(BUSINESS WIRE)--Churchill Stateside Group, LLC (“CSG”), a real estate and renewable energy financial services company, is pleased to announce the closing of financing for the preservation and rehabilitation of a 6-property USDA Rural Development 515 portfolio in Kentucky. This portfolio consists of existing apartment communities totaling 221 total units. Churchill Mortgage Investment LLC (“CMI”), a subsidiary of CSG, is providing the $10,130,443 of USDA Rural Development 538 debt for the rehabilitation of these existing communities. Additionally, Churchill Stateside Securities, LLC (“CSS”) is assisting in the bond underwriting of the $14,000,000 of short term tax exempt bond issuance. In addition, the financing includes the allocation of 4% Low Income Housing Tax Credit Equity. All 6 of these multifamily sites will aim to help the preservation of affordable housing in multiple counties throughout the state of Kentucky.

Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “We are proud to provide financing solutions to help USDA Rural Development 515 owners preserve their existing communities across the country. CSG’s ability to help facilitate the USDA RD 538 loan, bonds, and 515 loan transfer, allows our development and owner partner to focus on the necessary rehabilitation and development of these communities. We are very thankful to the ownership and development team to allow us to be a part of this much needed rehabilitation of these communities.”

Keith Gloeckl, Chief Executive Officer of CSG, added, “We are pleased to work with the sponsor and USDA Rural Development for the preservation of these rural multifamily communities. There are multiple tasks involved with the transfer, rehabilitation, and preservation of existing multifamily units. Churchill has the experience and knowledge required to undertake these rehabilitations and have provided the expertise required, not only on this group of properties, but also on numerous other 515 portfolios over the last decade.”

For more information about CSG's multifamily finance programs and services nationwide, please contact our production team via email at [e-mail].

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 $6 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 (CMI), is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer, seller, and servicer.

Securities are offered through Churchill Stateside Securities, LLC (CSS), a SEC and MSRB registered broker-dealer, and member FINRA/SIPC. Certain individuals associated with, or employed by, CSG may also be Registered Representatives associated with CSS. Investing involves the risk of loss. Past performance is not indicative of future results.