Churchill Stateside Group, LLC (“CSG”) is pleased to announce the closing of a $14,000,000 FHA 223(f) permanent loan for Lakeview Terrace Apartments, a recently completed, 200-unit family apartment community located in Augusta, Georgia.
The FHA/HUD 223(f) loan provides long-term, fixed-rate financing for existing multifamily properties, including newly constructed communities transitioning from construction to permanent financing. The transaction supports the stabilization and long-term affordability of Lakeview Terrace Apartments, with all units restricted to households earning up to 60% of the Area Median Income (AMI).
In addition to the Churchill FHA/HUD 223(f) loan, the project received an allocation of 4% Federal and Georgia State Low Income Housing Tax Credits.
Dan Duda, Executive Vice President, National Director of Originations & Acquisitions for CSG, stated: “FHA/HUD 223(f) financing is an effective solution for developers seeking long-term, permanent capital following the completion of new construction or rehabilitation. Lakeview Terrace Apartments is a strong example of how HUD-insured refinancing can support stabilization while preserving long-term affordability.”
Keith Gloeckl, Chief Executive Officer of CSG, added: “Our team specializes in helping developers transition from construction and lease-up to permanent financing. This closing demonstrates our ability to execute FHA 223(f) refinances on newly delivered affordable housing communities.”
Churchill Stateside Group remains a national leader in multifamily and affordable housing finance, providing capital solutions through HUD, USDA, renewable energy, and tax credit programs.
Visit CSGfirst.com or contact CSG’s production team at production@csgfirst.com to learn more.
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