Clearwater-based Churchill Stateside Group has closed a $14 million FHA/HUD 223(f) permanent loan for Lakeview Terrace Apartments, a newly completed 200-unit family apartment community in Augusta, Georgia.
The HUD-insured financing provides long-term fixed-rate debt for stabilized multifamily properties, including new communities transitioning from construction to permanent financing.
The deal supports long-term affordability at Lakeview Terrace, where all units are restricted to households earning up to 60% of the area median income.
What the financing supports
In addition to the HUD 223(f) loan, the project received an allocation of 4% federal and Georgia state low-income housing tax credits.
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That structure helps reduce overall capital costs and allows the property to maintain income-restricted rents throughout lease-up and stabilization.
Why HUD 223(f) matters here
“FHA/HUD 223(f) financing is an effective solution for developers seeking long-term permanent capital following the completion of new construction or rehabilitation,” said Dan Duda, executive vice president and national director of originations and acquisitions for Churchill Stateside Group. “Lakeview Terrace Apartments is a strong example of how HUD-insured refinancing can support stabilization while preserving long-term affordability.”
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The program is commonly used to replace higher-cost construction financing once a project reaches operational stability, lowering debt service and improving long-term viability for affordable housing developments.
What Churchill Stateside Group is saying
Keith Gloeckl, chief executive officer of Churchill Stateside Group, said the closing reflects the firm’s focus on helping developers bridge the gap between delivery and long-term ownership.
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“Our team specializes in helping developers transition from construction and lease-up to permanent financing,” Gloeckl said. “This closing demonstrates our ability to execute FHA 223(f) refinances on newly delivered affordable housing communities.”
The bigger picture
Churchill Stateside Group provides capital solutions through HUD, USDA, renewable energy and tax credit programs.
The firm reports more than $6 billion in assets under management and focuses on financing affordable housing and commercial renewable energy projects nationwide.
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