Churchill Stateside Group Closes $31 Million FHA/HUD 221(d)(4) Loan to Transform Historic Vaucluse Mill into Modern Multifamily Community in Aiken, South Carolina
Churchill Stateside Group, LLC a nationally recognized leader in real estate and renewable energy financial services, is proud to announce the successful closing of a $31,054,000 FHA 221(d)(4) Construction Advance Loan to finance the adaptive reuse and substantial rehabilitation of the historic Vaucluse Mill in Aiken, South Carolina. The project, to be known as Vaucluse Mill Lofts, represents a thoughtful blend of historic preservation and modern residential development, breathing new life into one of South Carolina’s oldest mill communities.
Reviving a South Carolina Landmark
Located in the historic Village of Vaucluse, just outside downtown Aiken, the Vaucluse Mill dates back to the 19th century and holds the distinction of being the oldest mill village in South Carolina. Once a thriving textile operation that fueled the local economy, the mill has stood as a reminder of the region’s industrial heritage. Through the Vaucluse Mill Lofts project, this landmark will be revitalized and reimagined as a 140-unit market-rate apartment community, preserving its historic architecture while transforming it into a vibrant living space that meets modern expectations for quality and comfort.
The FHA 221(d)(4) loan, insured by the U.S. Department of Housing and Urban Development (HUD), is specifically designed to support the new construction and substantial rehabilitation of multifamily housing across the nation. This long-term, fixed-rate financing structure provides developers with stable, cost-effective capital, making it an ideal choice for adaptive reuse projects such as Vaucluse Mill Lofts.
A Modern Living Experience Rooted in History
The redevelopment of the Vaucluse Mill will maintain many of the building’s original architectural elements, celebrating the site’s rich history while introducing a range of modern amenities and design features. Once complete, the community will offer a balanced mix of one-, two-, and three-bedroom apartments, catering to a diverse group of residents—from young professionals to families and retirees.
Each residence will combine the building’s industrial character with contemporary finishes. Apartment interiors will feature:
- Exposed original brick walls and large factory-style windows that highlight the mill’s historic charm.
- 14-foot or higher ceilings, creating spacious, airy living environments.
- Granite countertops and wood cabinetry, providing a refined, durable aesthetic.
- Private patios or balconies for select units, offering outdoor space and scenic views.
- Full appliance packages, including in-unit washer and dryer connections and modern kitchen appliances in every unit.
The property’s community amenities will further elevate the resident experience, offering features typically found in high-end multifamily developments. Planned amenities include:
- A resort-style outdoor pool with lounge areas.
- A fully equipped fitness center and clubhouse for social gatherings.
- Gated parking and secure access, ensuring safety and convenience.
- Expansive common areas designed to foster community interaction and leisure.
Together, these elements will create a modern, comfortable, and connected residential environment while preserving the building’s historic identity.
Financing with Purpose: Supporting Heritage and Housing
The FHA/HUD 221(d)(4) program is one of the most important federal tools supporting multifamily development in the United States. It enables developers to undertake large-scale construction and rehabilitation projects with favorable terms, including long amortization periods and fixed interest rates. By utilizing this program, Churchill Stateside Group ensures that the Vaucluse Mill Lofts project not only revitalizes an underutilized historic structure but also contributes to the expansion of high-quality housing options in the Aiken area.
Dan Duda, Executive Vice President and National Director of Originations & Acquisitions for Churchill Stateside Group, emphasized the project’s alignment with CSG’s mission to promote sustainable community growth through strategic financing:
The Vaucluse Mill Lofts project is exactly the type of adaptive reuse development that embodies what our FHA/HUD programs are designed to support. It preserves local heritage while expanding access to quality apartments for the community. We are proud to play a key role in bringing this vision to life.
Keith Gloeckl, Chief Executive Officer of Churchill Stateside Group, echoed this sentiment, highlighting the broader economic and social impact of the initiative:
This is a great example of how thoughtful financing and community-focused development can work together. The revitalization of Vaucluse Mill strengthens both the local economy and the state’s historic fabric.
A Boost for Aiken’s Local Economy and Community
The redevelopment of Vaucluse Mill is expected to serve as a catalyst for growth and revitalization in the Aiken region. Beyond preserving a historic landmark, the project will generate significant local economic benefits, including job creation during the construction phase and increased economic activity for nearby businesses once the community is occupied.
By introducing 140 new market-rate units, Vaucluse Mill Lofts will help meet the growing demand for quality housing in Aiken—a city known for its strong sense of community, equestrian culture, and proximity to both Augusta, Georgia, and Columbia, South Carolina. The addition of modern residential spaces within a historic setting will further enhance the area’s appeal to new residents and visitors alike.
The project also supports the broader goals of sustainable development by reusing an existing structure rather than building on new land. Adaptive reuse projects such as this reduce material waste, lower carbon footprints, and preserve cultural and architectural heritage—values that align closely with both HUD’s and CSG’s long-term priorities.
Churchill Stateside Group: A Trusted Leader in Housing and Renewable Finance
For decades, Churchill Stateside Group, LLC has been a trusted partner for developers, investors, and public agencies across the United States. The firm specializes in multifamily and affordable housing finance, as well as renewable energy investments, providing a wide range of capital solutions tailored to each client’s needs.
CSG’s financing capabilities span a variety of federal and private programs, including:
- HUD-insured loan programs such as FHA 221(d)(4) and 223(f).
- USDA Rural Development loans supporting affordable rural housing.
- Low-Income Housing Tax Credit (LIHTC) equity investments.
- Renewable energy project financing through tax equity and debt structures.
Through its integrated approach, CSG continues to play a vital role in supporting sustainable communities across the nation—facilitating projects that combine economic opportunity, environmental responsibility, and social impact.
