Churchill Stateside Group, LLC (“CSG”), a real estate and renewable energy financial services company, is pleased to announce the closing of a $4,850,000 Forward Permanent Loan for Azalea Park Apartments, a 64-unit affordable housing community in Summerville, South Carolina. The financing, provided through Churchill Mortgage Investment LLC (“CMI”), follows CSG’s earlier $10,600,000 construction loan, which supported the property’s comprehensive rehabilitation and demonstrates the firm’s ability to provide financing solutions throughout multiple phases of affordable housing development.
Originally constructed in 2003, Azalea Park Apartments consists of eight two-story residential buildings offering two- and three-bedroom apartment homes for families earning up to 60% of the Area Median Income (AMI). The recently completed rehabilitation modernized both the apartment interiors and community exteriors, preserving the property as a high-quality affordable housing resource for the Summerville community for years to come.
Located just outside of downtown Charleston, Azalea Park Apartments offers residents convenient access to employment centers, schools, shopping, healthcare providers, and other essential services, making it an important source of affordable housing within one of South Carolina’s fastest-growing regions. Developments like Azalea Park help strengthen local communities by preserving quality affordable housing, supporting workforce stability, and providing families with access to safe, modern homes that contribute to long-term neighborhood vitality.
“The closing of the forward permanent loan marks an important milestone for Azalea Park and reflects the successful completion of a financing strategy designed to preserve this affordable housing community for the long term,” said Ben Goates, SVP, Director of Originations for CSG. “We were proud to work alongside the ownership team throughout both the construction and permanent financing phases, helping bring this rehabilitation to completion while ensuring these homes remain available to the families who call Azalea Park home.”
Keith Gloeckl, Chief Executive Officer of CSG, added, “Preserving existing affordable housing is one of the most effective ways to address today’s housing challenges. By providing financing solutions from construction through permanent debt, we help developers extend the life of affordable housing communities while creating lasting value for residents and the communities they serve. We are proud to have played a role in the successful preservation of Azalea Park Apartments.”
For more information about CSG’s multifamily finance programs and services, please contact our production team at Production@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 $6 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 (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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