CSG and CSS are Pleased to Announce the Closing of The Weaver Bond Portfolio Including $11.2MM in Loan Financing and $15.2MM in Short-Term Cash Collateralized Tax-Exempt Bonds Sold in The Public Marketplace to Institutional Investors
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 financing for the preservation and rehabilitation of a 14-property USDA Rural Development 515 portfolio in North Carolina. This portfolio consists of existing apartment communities totaling 383 total units. Churchill Mortgage Investment LLC (“CMI”), a subsidiary of CSG, is providing the $11,282,000 of USDA Rural Development 538 debt for the rehabilitation of these existing communities, and Churchill Stateside Securities sold $15,200,000 of short-term cash collateralized bonds to financial institutions. In addition, the financing includes the allocation of 4% Low Income Housing Tax Credit Equity. All 14 of these multifamily sites will aim to help the preservation of affordable housing in multiple counties throughout the state of North Carolina.
Guy Spieler, President of Churchill Stateside Securities added, “We were happy to work with the entire development team in the marketing and sale of this $15,200,000 of short-term cash collateralized Bond project. Churchill Stateside Securities specializes in these types of 4% bond offerings and would be happy to speak with Developers about their 4% bond needs.”
Keith Gloeckl, Chief Executive Officer of CSG, added, “We, at Churchill, are pleased to be involved in the preservation of rural multifamily housing. This type of financing is one of the bedrocks within the Churchill financing platform. Providing bond financing and technical ability, along with processing skills for the revitalization of USDA RD 515 properties, is very important to keeping rural communities vibrant and sustainable. Churchill is very experienced in this area and has provided the financing on many rural multifamily housing communities throughout the United States. We are happy to add these properties to our loan portfolio.”
For more information about how Churchill Stateside Group can support your financial objectives, please contact our production team via email at Production@CSGfirst.com or visit 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.
Churchill Stateside Securities, LLC (CSS) is a subsidiary of CSG and an independent broker-dealer, registered with the SEC, MSRB and a member of FINRA. CSS is not acting as your financial advisor. This material should not be construed as an investment solicitation, recommendation or advice. Investing involves the risk of loss. Past performance is not indicative of future results.
Contacts
Carter Daignault
Marketing@csgfirst.com
727-233-0614
