July 23, 2024

Churchill Stateside Group Closes $1.8M USDA Rural Development 538 Loan & $1M Bridge Equity Loan for the Rehabilitation of a 56-Unit Apartment USDA Rural Development 515 Community in Brevard, NC

CSG is Pleased to Announce the Closing of Mountain Glen in Brevard, North Carolina

CLEARWATER, Fla., June 03, 2024–(BUSINESS WIRE)–Churchill Stateside Group, LLC (“CSG”), a real estate and renewable energy financial services company, is pleased to announce the closing of Mountain Glen, a 56-unit 515 rural development community located in Brevard, North Carolina. The financing for the rehabilitation of the community includes a $1,005,000 Bridge Equity Loan, $1,795,000 USDA-Rural Development 538 Loan, a USDA Rural Development 515 loan transfer, and 9% Federal Low Income Housing Tax Credits. Churchill Mortgage Investment LLC (“CMI”) is providing the USDA Rural Development 538 loan and Sandhurst Community Capital, a not-for-profit corporation (“SCC”) is providing the bridge equity loan.

The Mountain Glen community offers both one and two-bedroom apartments. Rehabilitation will include upgrades to the insides of the existing units, as well as renovations to the exterior of the building. In addition, a new community room will be built.

Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “We are very thankful to be a part of the rehabilitation of Mountain Glen. We very much appreciate our partnership with the owner and management company of the community. Mountain Glen is an existing USDA Rural Development 515 community. Many USDA RD 515 communities across the country need rehabilitation. The USDA RD 538 program is a great tool to help finance the preservation of these communities as the 538 program offers long term financing at very low rates.”

Keith Gloeckl, Chief Executive Officer of CSG, added, “Financing the development of Affordable Housing projects is crucial for addressing the growing housing crisis and ensuring access to safe and stable housing for all individuals. Churchill is pleased to work alongside developers to finance and service projects, like Mountain Glen, creating more opportunities for low-income families, reducing homelessness, and promoting economic stability in our communities.”

For more information about how Churchill Stateside Group can support your financial objectives, please contact Dan Duda, SVP, National Director of Originations & Acquisitions at (727) 415-9556 or via email at Dduda@CSGfirst.com. For more information about CSG’s multifamily finance programs and services nationwide, please contact our production team via email at Production@CSGfirst.com.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240603853322/en/


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