CLEARWATER, Fla.–(BUSINESS WIRE)–Churchill Stateside Group, LLC (“CSG”) is pleased to announce the closing of a $14,000,000 FHA 223(f) permanent loan for Lakeview Terrace Apartments, a recently completed, 200-unit family apartment community located in Augusta, Georgia.
The FHA/HUD 223(f) loan provides long-term, fixed-rate financing for existing multifamily properties, including newly constructed communities transitioning from construction to permanent financing. The transaction supports the stabilization and long-term affordability of Lakeview Terrace Apartments, with all units restricted to households earning up to 60% of the Area Median Income (AMI).
In addition to the Churchill FHA/HUD 223(f) loan, the project received an allocation of 4% Federal and Georgia State Low Income Housing Tax Credits.
Dan Duda, Executive Vice President, National Director of Originations & Acquisitions for CSG, stated: “FHA/HUD 223(f) financing is an effective solution for developers seeking long-term, permanent capital following the completion of new construction or rehabilitation. Lakeview Terrace Apartments is a strong example of how HUD-insured refinancing can support stabilization while preserving long-term affordability.”
Keith Gloeckl, Chief Executive Officer of CSG, added: “Our team specializes in helping developers transition from construction and lease-up to permanent financing. This closing demonstrates our ability to execute FHA 223(f) refinances on newly delivered affordable housing communities.”
Churchill Stateside Group remains a national leader in multifamily and affordable housing finance, providing capital solutions through HUD, USDA, renewable energy, and tax credit programs.
Visit CSGfirst.com or contact CSG’s production team at [email protected] to learn more.
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.
Contacts
Carter Daignault
(727) 233-0614
[email protected]
