Churchill Stateside Group Announces the Grand Opening of Inskip Flats, a 66-Unit New Construction Affordable Housing Project in Knoxville, TN
CLEARWATER, Fla., Oct. 3, 2023
Churchill Stateside Group financed Inskip Flats with a $9M conventional construction loan and a $7.2M forward permanent loan via its Private TEL Program.
CLEARWATER, Fla., Oct. 3, 2023 /PRNewswire-PRWeb/ -- Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the grand opening of a new-construction 4% bond deal for an affordable housing project in Knoxville, Tennessee. CSG financed both the construction phase and the permanent phase through their Private Tax-Exempt Loan (P-TEL) Program. The financing for this project consists of a $9M conventional construction loan and a $7.2M permanent loan placed in 2021. Inskip Flats consists of 66 units catering to family tenancy, including 33 2-bedroom, 1-bath units and 33 3-bedroom, 2-bath units. All 66 units at Inskip Flats are currently pre-leased as a result of high demand for affordable housing in the area. CSG is proud to be playing a part in helping the city of Knoxville fulfill the demand for affordable housing which they are currently facing.
Michael Spain, Vice President of the Southeast region for CSG, said, "We are excited to provide both the construction and permanent financing for this new construction 4% bond deal through our P-TEL Program. This 66-unit project will provide high quality apartments that will support the demand for safe affordable housing for the residents of Knoxville, TN."
Keith Gloeckl, Chief Executive Officer of CSG, added, "This is a great project that will add much needed affordable housing for the Knoxville community. We at Churchill are very proud of our ability to provide the financing for this property.".
For more information about CSG's multifamily finance programs and services, please contact Michael Spain, SVP and National Director of Originations and Acquisitions, at (813) 629-5721 or via email at MSpain@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 $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, is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer.
For more information, please visit http://www.CSGfirst.com.
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SOURCE Churchill Stateside Group