Keith Gloeckl, CEO, Churchill Stateside Group
CLEARWATER, FL—Churchill Stateside Group, 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.
In Pennsylvania, CMI closed $6.19 million in new USDA 538 debt. Its affiliate, Churchill Stateside Securities, 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 4% 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.
The amount of coordination and detail required to close RD portfolio transactions is substantial and requires a veteran staff with the appropriate experience which is what CSG provides. “We've all worked hard to establish the relationships with the various RD offices, numerous third-party service providers and other professionals necessary to successfully close these transactions,” says Jerome Sullivan, chief financial officer of CSG.
Rex Tilley, CSG's chief credit officer, expressed the company's gratitude to USDA's state, regional and national multifamily staff. “These transactions are highly complicated with many pieces of the puzzle that must be put together in a timely and coordinated manner,” Tilley says. “We greatly appreciate the effort of the RD staff to assist in this goal of preserving critical rural affordable housing.”
“Our business has always been about creating lasting partnerships. We forge partnerships with thought leaders and visionary organizations—ground breakers who take affordable housing a step further,” says Keith Gloeckl, CSG chief executive officer. “What this means for the developer is a partner that opens the lines of communication, thinks creatively, and approaches your financing needs in a flexible yet straightforward way. Expect direct communication and innovative solutions from CSG's professional team. With these recent transactions, we are most pleased to be a part of ensuring that older affordable properties receive the rehabilitation funding they need in order to continue providing safe, affordable housing for another generation.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
