Real estate and renewable energy financial services company Churchill Stateside Group has sold US$15 million of short-term cash collateralised, tax-exempt bonds to financial institutions, closing financing for its Weaver Bond Portfolio.
Financing, acquired through Churchill Stateside Securities, will cover the preservation and rehabilitation of 14 apartment communities in North Carolina, aiming to maintain affordable housing across the state.
Subsidiary Churchill Mortgage Investment has provided US$11.28 million in USDA Rural Development 538 debt for the project. Financing also includes the allocation of 4% low income housing tax credit equity.
Keith Gloeckl, CSG CEO, commented: “This type of financing is one of the bedrocks within the Churchill financing platform. Providing bond financing and technical ability, along with processing skills for the revitalisation of USDA RD 515 properties, is very important to keeping rural communities vibrant and sustainable. Churchill is very experienced in this area and has provided the financing on many rural multifamily housing communities throughout the US.”
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