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Churchill Stateside Group, LLC, a real estate and renewable energy financial services company, announced the closing of a $31,054,000 FHA 221(d)(4) Construction Advance Loan to finance Vaucluse Mill Lofts, a 140-unit adaptive reuse and historic substantial rehabilitation project located in Aiken, South Carolina.
The FHA 221(d)(4) loan, insured by HUD, provides long-term, fixed-rate financing to support both new construction and substantial rehabilitation of multifamily housing nationwide.
In this case, the loan will fund the transformation of the historic Vaucluse Mill, located in the Village of Vaucluse, the oldest mill village in South Carolina, into a modern, high-quality community.
Vaucluse Mill Lofts will feature a mix of one-, two-, and three-bedroom units.
Residents will enjoy a suite of amenities, including an outdoor pool, fitness center, clubhouse, gated parking and access, and extensive common areas.
Apartment interiors will include granite countertops, wood cabinetry, exposed brick, 14-foot or higher ceilings, private patios or balconies, and full appliance packages with in-unit washer and dryer connections, including appliances in each unit.
Said Dan Duda, executive vice president, national director of Originations & Acquisitions for CSG: “The Vaucluse Mill Lofts project is exactly the type of adaptive reuse development that embodies what our FHA/HUD programs are designed to support. It preserves local heritage while expanding access to quality apartments for the community. We are proud to play a key role in bringing this vision to life.”
Keith Gloeckl, chief executive officer of CSG, added: “This is a great example of how thoughtful financing and community-focused development can work together. The revitalization of Vaucluse Mill strengthens both the local economy and the state’s historic fa ic.”
Churchill Stateside Group remains a national leader in multifamily and affordable housing finance, providing innovative capital solutions through HUD, USDA, renewable energy, and tax credit programs.
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 $6.5 billion of assets under management, CSG has long-standing investment relationships with numerous corporate investors.
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.
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