Insurance News.net (December 12, 2014).

Churchill Stateside Group (“CSG”), a real estate financial services company serving developers and investors in the multifamily housing, renewable energy and entertainment tax credit industries, today announced the closing of a $71.16 million affordable housing transaction. The rural housing portfolio consists of 20 affordable housing properties located throughout the state of Georgia. William Rea, Managing Partner of Rea Ventures Group, previously developed the properties and continues to stand behind them today.

The properties are located in 18 markets and the majority were constructed in the 1980’s and 1990’s using the USDA 515 Loan Program and Section 42 low-income housing tax credits. The acquisition and rehabilitation of the 620 units includes construction and permanent financing from Churchill Stateside Group guaranteed by the USDA 538 loan program, subordination and re-amortization of the original USDA 515 loans, short term tax exempt bonds sold by Merchant Capital and equity proceeds from Churchill Stateside Group’s investment in the 4% federal and state LIHTC.

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