Churchill Stateside Group Closes $8.2MM Construction Loan & $2.7MM Forward-Committed Permanent Loan for 40-Unit New Construction Affordable Housing Community in Rexburg, ID
CLEARWATER, Fla.–(BUSINESS WIRE)–Churchill Stateside Group, LLC (“CSG”), a real estate and renewable energy financial services company, is pleased to announce the closing of The Summit at Rexburg, a 40-unit new construction Affordable Housing community located in Rexburg, Idaho. The financing for this closing includes a $8.2MM construction loan provided by Churchill Mortgage Construction (“CMC”) and a $2.7MM unfunded forward-committed permanent loan provided by Churchill Mortgage Investment LLC (“CMI”).
The Summit at Rexburg community will consist of a 4-story building with 40 total units offered at 30-60% AMI. offers both one and two-bedroom apartments. Located in the north/central part of Rexburg, this community is in close proximity to many goods and services for residents’ convenience.
Ben Goates, Vice President of Originations for CSG, said, “Rexburg is a market that’s experiencing rapid population increase, reclassifying from a rural designation to that of small city in just the past couple of years. This high-quality apartment community will provide much-needed housing for area workers at an affordable price point. We’re happy to have assisted the developer, Summit Housing Group, to finance their vision for this redevelopment site.”
Keith Gloeckl, Chief Executive Officer of CSG, added, “We, at Churchill, are pleased to provide the financing for both, the construction and permanent loans on this redevelopment. The Summit at Rexburg will provide much-needed affordable housing for the Rexburg, Idaho community. Our Churchill team did a superb job of taking these loans from origination to closing in a very timely manner.”
For more information about CSG’s multifamily finance programs and services nationwide, please contact our production team via email at Production@CSGfirst.com or visit 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.
Contacts
(727) 233-0614
