Vineland Gardens Closes on Rehabilitation Loan

Churchill Stateside Group (CSG), a real estate and renewable energy financial services company, has announced the closing of an $11,699,000 rehabilitation loan for Vineland Gardens, a 76-unit affordable family housing community in Vineland. The construction loan was provided through CSG subsidiary Churchill Mortgage Construction LLC. 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 all of the units restricted to households earning up to 60 percent of Area Median Income).

The rehabilitation is being completed as part of a four percent Low-Income Housing Tax Credit (LIHTC) redevelopment, and includes comprehensive upgrades to building systems, unit interiors, and site improvements.

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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.