Due to the growing demand and increasing competitiveness of the tax credit market, we strongly believe that workforce housing projects like this will play a major role in affordable housing for the foreseeable future. .
CLEARWATER, Florida (PRWEB)
June 29, 2021
Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the closing of funding for a new workforce housing project in North Charleston, South Carolina. The Ridgeville reserve will include 240 units for family rental. The capital stack consists of a USDA Rural Development 538 Option 3 construction advance loan and private equity. CSG is providing the USDA Rural Development 538 loan for a total amount of $ 30,850,000. According to USDA online data, this is the 538 largest loan in program history.
Dan Duda, Senior Vice President and National Director of Arrangements and Acquisitions for CSG, said: “We are delighted to partner with our development team comprised of Piedmont Private Equity, Ecstatic Properties, Material Capital Partners, Altriarch Capital and American South Real Estate Fund. on this operation. It was a collaborative and team effort to successfully complete this transaction through the USDA 538 loan program. This development will bring much-needed labor housing to North Charleston, South Carolina. We are thrilled to be part of the finance team, offering 40 year permanent debt at a very affordable interest rate. The affordability of the USDA Rural Development 538 program allows our client to manage property operations at a very affordable level.
Senior Project Developers Eric Conkright of Piedmont Private Equity and John Cattano of Ecstatic Properties said: “Our development team noticed an underserved tenant base between high-rent Class A apartment projects and low income subsidized apartment projects. Threading this needle is quite difficult without voluntary permanent construction and debt partners like Churchill and USDA-RD. We have found a great niche by focusing on high quality workforce projects in high growth emerging markets such as N. Charleston, SC who continue to develop their MSA through a expansive planning and job creation. With Camp Hall / Volvo Industrial Park in Berkeley County and the Walmart Ridgeville Import Distribution Center underway in conjunction with the SC Port Authority in neighboring Dorchester County, the North West Charleston market is teeming with ‘activities and urgently need high quality workforce housing projects like the 240 unit Reserve in the Ridgeville apartment community.
Keith Gloeckl, Managing Director of CSG, added: “Due to the growing demand and the growing competitiveness of the tax credit market, we strongly believe that Workforce Housing projects like this one will play a major role in the affordable housing for the foreseeable future. We are delighted to partner with USDA-RD on this transaction and appreciate their efforts to work alongside Churchill to produce much needed workforce housing in the community of North Charleston, South Carolina.
For more information on CSG’s multi-family finance programs and services, please contact Dan Duda, Senior Vice President and National Director of Origins and Acquisitions, at (727) 269-5198 or by email at dduda @ csgfirst. com.
About the Churchill Stateside Group
Churchill Stateside Group and its wholly owned subsidiaries (CSGs) serve the affordable housing and renewable energy sectors. CSG sponsors tax credit equity investment funds for institutional investors and offers a variety of construction, permanent and bond financing solutions. With over $ 3 billion in assets under management, CSG enjoys long-standing and successful investment relationships with numerous companies and pension funds. The company’s investor and developer clients benefit from our experienced staff, prominent and proactive senior management, and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC, is a USDA approved lender for rural development and HUD / FHA MAP and LEAN and issuer Ginnie Mae.
For more information, please visit http://www.CSGfirst.com.
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