Churchill Stateside Group Closes $5.2 Million Equity Bridge Loan for Pickens Gardens in South Carolina

CLEARWATER, Fla.--(BUSINESS WIRE)--Churchill Stateside Group, LLC (CSG), a multifamily real estate and renewable energy financial services company, is pleased to announce the closing of a $5,200,000 equity bridge loan in support of a 4% Low-Income Housing Tax Credit (LIHTC) transaction for Pickens Gardens, a 76-unit affordable housing community in Pickens serving mixed family and senior tenants.

The financing supports the development of quality affordable housing in a market where demand for affordable family and senior housing remains strong. Pickens Gardens maintains long-term affordability, with 100% of the units offered to households earning up to 60% of Area Median Income (AMI).

“Equity bridge financing continues to play an important role in helping affordable housing developments move efficiently through construction and stabilization,” said Dan Duda, Executive Vice President, National Director of Originations & Acquisitions for CSG. “We are pleased to support the Pickens Gardens transaction and help facilitate the development of quality affordable housing in South Carolina.”

“Transactions like Pickens Gardens highlight the importance of flexible financing solutions in today’s affordable housing market,” said Keith Gloeckl, Chief Executive Officer of CSG. “We are proud to continue supporting developers and communities through financing structures that help move affordable housing developments forward nationwide.”

For more information about CSG's multifamily finance programs and services, please contact Dan Duda, EVP and National Director of Originations and Acquisitions, at [phone] or 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 $6.5 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.