Churchill Stateside Group Provides $4.4M USDA RD Section 538 Forward Commitment for 96-Unit Affordable Senior Housing Development in Inverness, Florida

Churchill Stateside Group Provides $4.4M USDA RD Section 538 Forward Commitment for 96-Unit Affordable Senior Housing Development in Inverness, Florida

Churchill Stateside Group, LLC (“CSG”), a real estate and renewable energy financial services company, is pleased to announce the issuance of a $4.4 million USDA Rural Development (“RD”) Section 538 Option 1 permanent loan forward commitment for Longwood Gardens, a new construction affordable senior housing community in Inverness, Florida.

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Rendering of Longwood Gardens, a 96-unit affordable senior housing community in Inverness, Florida.

Longwood Gardens will provide 96 apartment homes for seniors, with affordability ranging from 30% to 80% of Area Median Income (“AMI”). The development will utilize 9% Low-Income Housing Tax Credits (“LIHTC”) to support the construction of affordable senior housing in Citrus County.

CSG has provided a $4.4 million forward commitment for permanent financing through its USDA RD Section 538 Option 1 program. Upon closing, the permanent loan will be securitized through Ginnie Mae.

Located approximately 70 miles north of Tampa, Longwood Gardens will offer residents convenient access to nearby employment opportunities, restaurants, shopping, and entertainment. The community will feature amenities including a swimming pool, fitness center, community room, dog park, shuffleboard courts, and outdoor gathering spaces.

Thais Pepe, Vice President, Originations Officer for CSG, stated, “We are pleased to provide a financing commitment for Longwood Gardens and contribute to the development of 96 new affordable housing units for seniors in Inverness, Florida. Through our USDA Rural Development Section 538 financing program, we are proud to partner with developers to expand access to quality, affordable housing and help address the growing need for senior housing in communities like Inverness.”

Keith J. Gloeckl, Chief Executive Officer of CSG, added, “Longwood Gardens represents another example of CSG's continued commitment to financing affordable housing developments across the country. Through our USDA RD lending platform, we are proud to provide financing solutions that help our development partners bring quality, affordable housing opportunities to communities like Inverness, Florida.”

For more information about CSG's multifamily finance programs and services, please contact our production team at production@csgfirst.com or visit us at 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 $6.5 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.

Carter Daignault
(727) 233-0614
Marketing@CSGfirst.com

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