CSG and CSS are Pleased to Announce the Closing of a New Construction Community in Morehead City, North Carolina Including a $14.2MM FHA/HUD 221(d)(4) Loan and $18MM in Short-Term Bonds
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 a 168-unit new construction community located in Morehead City, North Carolina. The financing for the construction of this community includes a $14,236,200 FHA/HUD 221(d)(4) Construction Advance loan and $18,000,000 of short-term cash collateralized tax-exempt bonds through Churchill Stateside Securities.
Guy Spieler, President of Churchill Stateside Securities added, "It was our pleasure working with the entire Development group to see project to fruition and getting built. Churchill Stateside Securities specializes in these types of 4% bond offerings and would be happy to speak with Developers about their 4% bond needs."
4% Low Income Housing Tax Credits will be used in conjunction with the FHA/HUD 221(d)(4) mortgage insurance to finance the construction of this project which will target rent levels at 60% of the area median household income upon completion.
Keith Gloeckl, Chief Executive Officer of CSG, added, "Churchill's Bond Underwriting platform continues to grow and deliver results. We had a very tight window to price the bonds and get to the closing table while also dealing with multiple associated items. Churchill performed and delivered!"
For more information about how Churchill Stateside Group can support your financial objectives or 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 (CSG) and its wholly owned affiliates 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.
Securities are offered through Churchill Stateside Securities, LLC (CSS), a SEC and MSRB registered broker-dealer, and member FINRA/SIPC. Certain individuals associated with, or employed by, CSG may also be Registered Representatives associated with CSS. Investing involves the risk of loss. Past performance is not indicative of future results.
Contacts
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Marketing@CSGfirst.com