Churchill Stateside Group has closed a $4.85 million forward permanent loan for Azalea Park Apartments, a 64-unit affordable housing community in Summerville, South Carolina.
The financing was provided through Churchill Mortgage Investment and follows an earlier $10.6 million construction loan from Churchill Stateside Group that supported a comprehensive rehabilitation of the property.
Originally built in 2003, Azalea Park consists of eight two-story residential buildings offering two- and three-bedroom apartments for families earning up to 60% of area median income.
The recently completed rehabilitation modernized apartment interiors and exterior areas while preserving the property as affordable housing.
The forward permanent loan transitions the project from its construction financing phase into long-term debt, illustrating Churchill Stateside Group’s ability to finance affordable housing projects through multiple stages.
Churchill Stateside Group and its affiliates have more than $6 billion of assets under management and provide tax credit equity, construction, permanent, and bond financing across affordable housing and renewable energy.
KEY QUOTES:
“The closing of the forward permanent loan marks an important milestone for Azalea Park and reflects the successful completion of a financing strategy designed to preserve this affordable housing community for the long term.”
Ben Goates, Senior Vice President and Director of Originations at Churchill Stateside Group
“Preserving existing affordable housing is one of the most effective ways to address today’s housing challenges. By providing financing solutions from construction through permanent debt, we help developers extend the life of affordable housing communities while creating lasting value for residents and the communities they serve.”
Keith Gloeckl, CEO of Churchill Stateside Group
