Churchill Stateside Group Closes $5.2 Million Equity Bridge Loan for Pickens Gardens in South Carolina
Churchill Stateside Group, LLC (CSG), a multifamily real estate and renewable energy financial services company, is pleased to announce the closing of a $5,200,000 equity bridge loan in support of a 4% Low-Income Housing Tax Credit (LIHTC) transaction for Pickens Gardens, a 76-unit affordable housing community in Pickens serving mixed family and senior tenants.
The financing supports the development of quality affordable housing in a market where demand for affordable family and senior housing remains strong. Pickens Gardens maintains long-term affordability, with 100% of the units offered to households earning up to 60% of Area Median Income (AMI).
“Equity bridge financing continues to play an important role in helping affordable housing developments move efficiently through construction and stabilization,” said Dan Duda, Executive Vice President, National Director of Originations & Acquisitions for CSG. “We are pleased to support the Pickens Gardens transaction and help facilitate the development of quality affordable housing in South Carolina.”
“Transactions like Pickens Gardens highlight the importance of flexible financing solutions in today’s affordable housing market,” said Keith Gloeckl, Chief Executive Officer of CSG. “We are proud to continue supporting developers and communities through financing structures that help move affordable housing developments forward nationwide.”
