Churchill Stateside Group Provides $1.43 Million USDA-RD 538 Permanent Loan for The Covenant Senior Housing in Castle Hayne, North Carolina

CLEARWATER, Fla.--(BUSINESS WIRE)--Churchill Stateside Group, LLC (“CSG”) is pleased to announce the closing of a $1,432,200 USDA Rural Development (RD) Section 538 Option 1 permanent loan for The Covenant Senior Housing, a newly constructed, 68-unit senior apartment community located in Castle Hayne, North Carolina.

The USDA-RD 538 loan provides long-term, fixed-rate permanent financing for affordable multifamily housing in rural communities. The transaction supports the stabilization and long-term operation of The Covenant Senior Housing, which serves low-income seniors with a mix of income-restricted units, including 17 units at 30% of Area Median Income (AMI), 11 units at 50% AMI, and 40 units at 60% AMI.

The Covenant Senior Housing represents a stabilized new construction community designed to meet the growing demand for quality, affordable senior housing in rural North Carolina.

Dan Duda, Executive VP, National Director of Originations & Acquisitions

“USDA-RD 538 financing is a vital tool for developers delivering high-quality senior housing in rural communities. The Covenant Senior Housing is a great example of how long-term, fixed-rate permanent financing can support stabilized operations while ensuring affordability for seniors at multiple income levels.”

Keith Gloeckl, CEO

“Our team is proud to help developers bring much-needed affordable senior housing to rural areas. This closing underscores our ability to provide permanent capital solutions that promote both community stability and long-term affordability through USDA-RD programs.”

Churchill Stateside Group is a national leader in affordable housing finance, providing permanent, construction, and bond financing solutions through USDA Rural Development, HUD/FHA, and tax credit programs.

For more information about USDA-RD 538 financing or to discuss an upcoming affordable housing development, visit CSGfirst.com or contact CSG’s production team 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.