Churchill Stateside Group Closes Approximately $42 Million in Multifaceted Financing for Eight-Property USDA Rural Development 515 Portfolio in Nevada

Financing Includes $9.6 Million Tax Exempt Equity Bridge Loan, $19.52 Million USDA RD 538 Construction Advance Loan, and $13.5 Million Tax Exempt Bond Issuance

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 acquisition and rehabilitation of an eight-property USDA Rural Development (“USDA RD”) 515 portfolio totaling 202 units across Fallon and Lovelock, Nevada.

The financing includes a $9,600,000 Tax Exempt Equity Bridge Loan provided by Churchill Mortgage Capital (“CMC”) and a $19,520,000 USDA RD 538 Option 3 Construction Advance Loan that was securitized by Ginnie Mae. Additionally, Churchill Stateside Securities, LLC (“CSS”) assisted in the bond underwriting of the $13,500,000 tax-exempt bond issuance. CSG also provided USDA RD 515 Transfer Consulting Services in connection with the transaction.

The Nevada Portfolio consists of eight existing USDA RD Section 515-financed affordable housing properties serving both families and seniors. The portfolio includes four family communities: Amberwood I, Amberwood II, and Desertwood in Fallon, along with Sunwood Apartments in Lovelock. The four senior communities, all located in Fallon, include Amberwood III, Bellaire, Bellewood, and Desertaire.

The financing supports the acquisition and rehabilitation of the 202-unit portfolio, helping preserve and improve affordable housing opportunities for families and seniors in the Fallon and Lovelock communities. The transaction brings together multiple financing components and CSG service offerings to support the continued preservation of these existing rural affordable housing communities.

Dan Duda, Executive Vice President and National Director of Originations and Acquisitions at Churchill Stateside Group, stated, “We are pleased to have played a role in bringing together the financing and expertise needed to support this portfolio. Transactions involving existing USDA RD 515 properties require coordination across multiple programs and financing components, and this closing demonstrates our team’s ability to provide comprehensive solutions for complex affordable housing transactions. We are proud to support the continued preservation of quality affordable housing for families and seniors throughout these Nevada communities.”

Keith Gloeckl, Chief Executive Officer of Churchill Stateside Group, added, “Preserving existing affordable housing is an important part of addressing the continued need for quality housing in communities across the country, particularly in rural markets. This transaction reflects the breadth of experience and resources our team can bring to a project through our lending, securities, and USDA Rural Development capabilities. We are proud to work alongside our partners to help ensure these communities remain valuable affordable housing resources for the residents they serve.”

The Nevada Portfolio closing further demonstrates CSG’s commitment to supporting the preservation and rehabilitation of affordable and rural housing nationwide. Through its lending platforms, securities capabilities, and USDA RD expertise, CSG works with owners and developers to structure comprehensive financing solutions for affordable housing communities nationwide.

Looking for creative financing solutions for your next affordable housing project?

Visit us at CSGfirst.com or reach out to our 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.