CSG is Pleased to Announce the Closing of Preserve at Hanover
Park, a $53,875,000 New Construction
USDA-RD 538 Loan in Beaufort, South
Carolina
CLEARWATER, Fla., April 18,
2024 /PRNewswire-PRWeb/ -- Churchill Stateside
Group, LLC ("CSG"), a real estate and renewable energy financial
services company, is pleased to announce the closing of the
Preserve at Hanover Park in Beaufort,
South Carolina. The financing for Preserve at Hanover Park
is provided by Churchill Mortgage Investment LLC ("CMI"), a
subsidiary of CSG. This $53,875,000
Construction Advance Loan marks the largest USDA-RD 538 loan in
U.S. history providing financing for both the construction and
permanent phases of this community.
Upon completion, the Preserve at Hanover Park will have a total
of 280 workforce housing units ranging from large studios to
three-bedroom apartments that will be spread out across four
three-story buildings and four four-story buildings located at 139
Robert Smalls Parkway in Beaufort.
The property will host many amenities for residents to enjoy,
including pickleball courts, an advanced fitness center, and a
modern swimming pool area. Residential units will include many
features such as private patios or balconies, granite countertops,
stainless steel appliances, and in-unit washers and dryers. It is
also planned that there will be commercial businesses included as
part of the Preserve at Hanover Park community. CSG is proud to be
part of this project that's bringing many additional workforce
housing units to Beaufort, South
Carolina. Workforce housing, like Preserve at Hanover Park,
brings increased opportunity to employers and employees making it
substantially beneficial to local economies.
Dan Duda, Senior Vice President
and National Director of Originations and Acquisitions for CSG,
said, "The collaboration between Piedmont Private Equity, Portage
Real Estate, and Mid-Atlantic Capital Partners has been
instrumental in bringing this deal to fruition. With a wealth of
collective experience, their expertise is unparalleled, and we're
grateful for their leadership in involving Churchill Stateside
Group in the financing process. Our gratitude extends to our valued
partnership with USDA Rural Development as well. Through the USDA
Rural Development 538 Loan Program, our partners have been able to
leverage long-term financing at very low interest rates, ensuring
the economic viability of this development project."
Aaron Brewer, President of
Mid-Atlantic Capital Partners, said, "We're very proud to be able
to further our goal of providing high quality multi-family housing,
while overcoming current economic headwinds in real estate
development. This was only possible with the collaboration of our
teams at Mid-Atlantic, Portage and Piedmont, as well as the trust of both
Churchill and our investors."
Keith Gloeckl, Chief Executive
Officer of CSG, added, "In addition to Churchill's efforts in
affordable housing, we have expanded our lending platform to
provide construction and permanent financing for multifamily
workforce housing developments. Workforce housing provides
critically needed housing to an underserved segment of the
multifamily housing market. This is housing that bridges the gap
for those in need of housing but do not qualify under the
Low-Income Housing guidelines and cannot afford market-rate
housing. We, at Churchill Stateside Group, are very pleased to be a
part of the Preserve at Hanover
effort as it is much needed."
For more information about how Churchill Stateside Group can
support your financial objectives, please contact Dan Duda, SVP, National Director of Originations
& Acquisitions at (727) 415-9556 or via email at
Dduda@CSGfirst.com. For more information about CSG's multifamily
finance programs and services nationwide, please contact our
production team via email at Production@CSGfirst.com.
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 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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SOURCE Churchill Stateside Group