Churchill Stateside Group (CSG), a real estate and renewable energy financial services company, announced the closing of an $11.699 million rehabilitation loan for Vineland Gardens, a 76-unit affordable family housing community located in Vineland, N.J.
The construction loan was provided through CSG subsidiary Churchill Mortgage Construction LLC (CMC). The financing supports the substantial, property-wide rehabilitation of the existing apartment community, originally constructed in 1972.
Vineland Gardens consists of four two-story residential buildings serving income-qualified families, with 100% of the units restricted to households earning up to 60% of area median income (AMI). The rehabilitation is being completed as part of a 4% Low-Income Housing Tax Credit (LIHTC) redevelopment, and includes comprehensive upgrades to building systems, unit interiors, and site improvements.
“Vineland Gardens represents a significant rehabilitation effort that will enhance the quality and longevity of an existing affordable housing community,” said Dan Duda, executive vice president, national director of originations and acquisitions for CSG. “Our team worked closely with the development team, Foresight Affordable Housing, Inc., to structure the rehabilitation financing needed to successfully execute the redevelopment. Foresight Affordable Housing Inc. brings a tremendous amount of development experience, and we are proud to work with such a great development partner.”
