Churchill Stateside Securities Acts as a Bond Underwriter for $18MM in Short-Term Cash Collateralized Tax-Exempt Bonds Sold in The Public Marketplace to Institutional Investors as Part of Affordable Housing Community Transaction
09 Agosto 2024 - 9:45AM
Business Wire
CSG and CSS are Pleased to Announce the Closing of a New
Construction Community in Morehead City, North Carolina Including a
$14.2MM FHA/HUD 221(d)(4) Loan and $18MM in Short-Term
Bonds
Churchill Stateside Group, LLC (“CSG”), a real estate and
renewable energy financial services company, is pleased to announce
the closing of a 168-unit new construction community located in
Morehead City, North Carolina. The financing for the construction
of this community includes a $14,236,200 FHA/HUD 221(d)(4)
Construction Advance loan and $18,000,000 of short-term cash
collateralized tax-exempt bonds through Churchill Stateside
Securities.
Guy Spieler, President of Churchill Stateside Securities added,
“It was our pleasure working with the entire Development group to
see project to fruition and getting built. Churchill Stateside
Securities specializes in these types of 4% bond offerings and
would be happy to speak with Developers about their 4% bond
needs.”
4% Low Income Housing Tax Credits will be used in conjunction
with the FHA/HUD 221(d)(4) mortgage insurance to finance the
construction of this project which will target rent levels at 60%
of the area median household income upon completion.
Keith Gloeckl, Chief Executive Officer of CSG, added,
“Churchill’s Bond Underwriting platform continues to grow and
deliver results. We had a very tight window to price the bonds and
get to the closing table while also dealing with multiple
associated items. Churchill performed and delivered!”
For more information about how Churchill Stateside Group can
support your financial objectives or 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 (CSG) and its wholly owned affiliates
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.
Securities are offered through Churchill Stateside Securities,
LLC (CSS), a SEC and MSRB registered broker-dealer, and member
FINRA/SIPC. Certain individuals associated with, or employed by,
CSG may also be Registered Representatives associated with CSS.
Investing involves the risk of loss. Past performance is not
indicative of future results.
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