Churchill Stateside Group Closes $10,120,000 Tax-Exempt Permanent Loan for 122-Unit Senior Housing Development in Stonecrest, GA
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 $10,120,000 tax exempt permanent loan on a new 122-unit affordable 4% Low Income Housing Tax Credit senior housing community located in Stonecrest, Georgia.
The financing was provided by Churchill Mortgage Investment LLC ('CMI') under CSG's Churchill Private Tax-Exempt Loan Program ('Churchill PTEL'). The project will deliver high-quality, affordable housing for seniors through the development of a modern apartment complex consisting of 20 one-bedroom units and 102 two-bedroom units. All units will be income-restricted to residents earning no more than 60% of the Area Median Income (AMI). The development also received 4% Loan Income Housing Tax Credits.
Situated just east of Atlanta in one of Georgia's fastest-growing areas, the community offers close proximity to medical facilities, retail centers such as The Mall at Stonecrest, public transportation, local parks, and entertainment—enhancing access and quality of life for senior residents.
Dan Duda, EVP, National Director of Originations and Acquisitions for CSG, stated, 'We are proud to support the creation of quality, affordable housing that allows senior residents to age with dignity and independence in a vibrant community. This project exemplifies our mission to bring lasting impact to underserved populations through strategic financial solutions. Our Churchill Private Tax Exempt Loan program is a great tool for developers to capitalize on long term low interest rate fixed financing.'
Keith Gloeckl, Chief Executive Officer of CSG, added, 'With a growing demand for affordable senior housing in Georgia, this community development is a critical step toward addressing the needs of this underserved community. We're proud to partner with a sponsor who shares our commitment to creating high-quality, affordable housing in communities where it's needed most. This closing is a testament to the expertise of our team and our continued focus on financing solutions that make a real difference.'
Churchill Stateside Group remains dedicated to providing financial solutions that promote sustainable, inclusive housing opportunities across the nation.
Looking to finance your next affordable housing project?
Visit CSGfirst.com or contact our production team at production@csgfirst.com to learn how Churchill can help support your project's success.
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 $6.5 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.
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