143-unit multifamily refinance in Gretna, LA
CLEARWATER, FL., May 17, 2017 – Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the financing of The Pines Apartments, a 143-unit multifamily community located in Gretna, LA that combines market rate units with a Section 8 Project Based HAP contract for 35 units.
CSG through its subsidiary Churchill Mortgage Investment LLC (CMI), provided a $7,130,400 insured loan pursuant to the U.S. Department of Housing and Urban Development (HUD), Section 223(f) via the Multifamily Accelerated Processing Program (MAP). Keith J. Gloeckl, CEO of CSG stated “We are finding the MAP application and closing process to be much more efficient and pleasant for our customers post completion of the HUD transformation.” Edward ‘Skip’ Santos, Senior Vice President at CSG confirmed “HUD met its targeted timeframes throughout the process, allowing us to better manage the sponsor’s expectations.”
About Churchill Stateside Group
Churchill Stateside Group and its wholly owned affiliates (CSG) serve the multifamily housing and renewable energy industries. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction and permanent financing solutions. CSG has long-standing and successful investment relationships with numerous corporate investors, and pension funds. The company’s investor and developer clients benefit from CSG’s experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC, is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer.