Churchill Stateside Group, LLC (CSG), a leader in real estate and renewable energy financial services, has announced the successful financing of a significant affordable housing preservation and rehabilitation project in North Carolina. This endeavor focuses on a portfolio of 14 multifamily properties under the USDA Rural Development 515 program, comprising 383 apartment units across multiple counties in the state.
The financing package for this project was multifaceted, showcasing Churchill’s expertise in complex transactions. Churchill Mortgage Investment LLC (CMI), a subsidiary of CSG, provided $11,282,000 in USDA Rural Development 538 loans to support the rehabilitation. Additionally, Churchill Stateside Securities facilitated the sale of $15,200,000 in short-term cash-collateralized tax-exempt bonds, targeted at financial institutions. Complementing these efforts was an allocation of 4% Low-Income Housing Tax Credit (LIHTC) equity, ensuring comprehensive funding for the preservation of these vital affordable housing units.
Guy Spieler, President of Churchill Stateside Securities, emphasized the organization’s focus on tailored bond solutions:
“We were happy to work with the entire development team in marketing and selling this $15,200,000 short-term cash-collateralized bond project. Churchill Stateside Securities specializes in these types of 4% bond offerings and would be happy to collaborate with developers to meet their 4% bond financing needs.”
The preservation of rural multifamily housing is a cornerstone of Churchill’s mission. Keith Gloeckl, Chief Executive Officer of CSG, highlighted the broader significance of such initiatives:
“We at Churchill are proud to contribute to the revitalization of rural multifamily housing. This financing effort underscores our commitment to supporting vibrant and sustainable rural communities. With our expertise in USDA RD 515 property revitalization and bond financing, we continue to play a vital role in preserving affordable housing across the United States. These North Carolina properties are a welcome addition to our loan portfolio.”
A Strategic Approach to Affordable Housing
The project reflects Churchill’s dedication to addressing the unique challenges of rural affordable housing preservation. By combining technical acumen, streamlined processing capabilities, and robust financial structuring, CSG ensures these developments remain viable and accessible to communities in need.
The inclusion of 4% LIHTC equity is critical, as it enables developers to secure substantial funding through tax credits, a vital tool for affordable housing initiatives. Moreover, the short-term cash-collateralized bonds not only provided immediate financing but also demonstrated Churchill’s ability to engage institutional investors effectively.
Broader Implications and Future Endeavors
This transaction aligns with Churchill’s ongoing efforts to support rural development and affordable housing through innovative financing solutions. With a history of delivering results for institutional investors and developers alike, Churchill continues to reinforce its position as a trusted partner in the industry.
Looking ahead, CSG remains committed to exploring opportunities that expand its impact across the affordable housing and renewable energy sectors. With over $6 billion in assets under management, the company is well-positioned to drive meaningful change in these critical areas.
About Churchill Stateside Group
Churchill Stateside Group and its affiliates specialize in serving the affordable housing and commercial renewable energy sectors. The organization offers tax credit equity investment funds, as well as construction, permanent, and bond financing solutions tailored to client needs. As an approved USDA Rural Development and HUD/FHA lender, CSG has built a robust portfolio of successful projects nationwide.
Churchill Stateside Securities, LLC (CSS), a subsidiary of CSG, operates as an independent broker-dealer, registered with the SEC and MSRB, and is a member of FINRA. With a commitment to transparency and expertise, CSS provides developers and investors with access to innovative financial instruments.
