Churchill Stateside Group Closes $36.4 Million in USDA 538 Guaranteed Loans along with $33.4M in LIHTC Syndication/Brokerage Equity Investment for Three Existing USDA Financed Portfolio Transactions comprised of 1,477 units

Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, announced the closing of $36.4 million in long-term, fixed-rate financing and $33.4 million in Federal and State LIHTC for Rural Multifamily Properties located in central Pennsylvania, Georgia and Washington.

CSG, through its subsidiary Churchill Mortgage Investment LLC (CMI), provided $36.4 million in guaranteed loans pursuant to the U.S. Department of Agriculture Rural Development (USDA) Section 538 Program. Proceeds from the construction advance loans, along with LIHTC equity and other sources, are being used to acquire and rehabilitate 38 existing rural apartment properties containing 1,477 affordable housing units. As part of this financing arrangement, USDA agreed to defer payment on their existing subordinated 515 loans for a period of 20 years and provided new 515 financing on one of the portfolios.

In Pennsylvania, CMI closed $6.19 million in new USDA 538 debt. Its affiliate, Churchill Stateside Securities, LLC (CSS), syndicated $11.95 million in Federal LIHTC equity and also assisted in the underwriting of $23.42 million in Short-Term Tax-Exempt Bonds to secure the four percent tax credits. The new owner assumed $18.1 million in existing restructured USDA 515 debt and secured $11.2 million in new USDA 515 debt. This portfolio consists of 15 apartment communities with 485 units for both family and elderly tenancy.

In Georgia, CMI closed $10.58 million in new USDA 538 debt and CSS brokered $21.18 million in Federal and State LIHTC equity for 16 existing apartment communities. The new owners assumed $13.46 million in existing restructured 515 debt. This portfolio consists of 16 apartment communities with 537 units for both family and elderly tenancy.

In Washington, CMI closed $19.6 million in new USDA 538 debt. CSS assisted with underwriting of $22.1 million in Short-Term Tax-Exempt Bonds to secure the four percent tax credits. The new owner assumed $7.85 million in existing restructured USDA 515 debt. This portfolio consists of seven apartment communities with 455 units for both family and elderly tenancy.