Churchill Stateside Group has closed approximately $42 million in financing supporting the acquisition and rehabilitation of an eight-property USDA Rural Development Section 515 affordable housing portfolio containing 202 units in Fallon and Lovelock, Nevada.
The financing includes a $9.6 million tax-exempt equity bridge loan provided by Churchill Mortgage Capital and a $19.52 million USDA Rural Development 538 Option 3 Construction Advance Loan securitized by Ginnie Mae.
Churchill Stateside Securities also assisted in underwriting a $13.5 million tax-exempt bond issuance, while CSG provided USDA Rural Development 515 transfer consulting services.
The portfolio consists of eight existing USDA Rural Development Section 515 affordable housing properties serving families and seniors.
The four family communities are Amberwood I, Amberwood II and Desertwood in Fallon, and Sunwood Apartments in Lovelock. The four senior communities, all in Fallon, are Amberwood III, Bellaire, Bellewood and Desertaire.
The financing will support rehabilitation of the properties and preservation of affordable housing for residents in the two Nevada communities.
Churchill Stateside Group and its affiliates serve affordable housing and commercial renewable energy markets and have more than $6 billion of assets under management.
KEY QUOTES:
“We are pleased to have played a role in bringing together the financing and expertise needed to support this portfolio. Transactions involving existing USDA RD 515 properties require coordination across multiple programs and financing components, and this closing demonstrates our team’s ability to provide comprehensive solutions for complex affordable housing transactions. We are proud to support the continued preservation of quality affordable housing for families and seniors throughout these Nevada communities.”
Dan Duda, Executive Vice President and National Director of Originations and Acquisitions at Churchill Stateside Group
“Preserving existing affordable housing is an important part of addressing the continued need for quality housing in communities across the country, particularly in rural markets. This transaction reflects the breadth of experience and resources our team can bring to a project through our lending, securities, and USDA Rural Development capabilities. We are proud to work alongside our partners to help ensure these communities remain valuable affordable housing resources for the residents they serve.”
Keith Gloeckl, CEO of Churchill Stateside Group
