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Churchill Stateside Group Closes Approximately $42 Million in Multifaceted Financing for Eight-Property USDA Rural Development 515 Portfolio in Nevada

Business Wire

Financing Includes $9.6 Million Tax Exempt Equity Bridge Loan, $19.52 Million USDA RD 538 Construction Advance Loan, and $13.5 Million Tax Exempt Bond Issuance

CLEARWATER, Fla., August 31, 2026--Churchill Stateside Group, LLC ("CSG"), a real estate and renewable energy financial services company, is pleased to announce the closing of financing for the acquisition and rehabilitation of an eight-property USDA Rural Development ("USDA RD") 515 portfolio totaling 202 units across Fallon and Lovelock, Nevada.

The financing includes a $9,600,000 Tax Exempt Equity Bridge Loan provided by Churchill Mortgage Capital ("CMC") and a $19,520,000 USDA RD 538 Option 3 Construction Advance Loan that was securitized by Ginnie Mae. Additionally, Churchill Stateside Securities, LLC ("CSS") assisted in the bond underwriting of the $13,500,000 tax-exempt bond issuance. CSG also provided USDA RD 515 Transfer Consulting Services in connection with the transaction.

The Nevada Portfolio consists of eight existing USDA RD Section 515-financed affordable housing properties serving both families and seniors. The portfolio includes four family communities: Amberwood I, Amberwood II, and Desertwood in Fallon, along with Sunwood Apartments in Lovelock. The four senior communities, all located in Fallon, include Amberwood III, Bellaire, Bellewood, and Desertaire.

The financing supports the acquisition and rehabilitation of the 202-unit portfolio, helping preserve and improve affordable housing opportunities for families and seniors in the Fallon and Lovelock communities. The transaction brings together multiple financing components and CSG service offerings to support the continued preservation of these existing rural affordable housing communities.

Dan Duda, Executive Vice President and National Director of Originations and Acquisitions at Churchill Stateside Group, stated, "We are pleased to have played a role in bringing together the financing and expertise needed to support this portfolio. Transactions involving existing USDA RD 515 properties require coordination across multiple programs and financing components, and this closing demonstrates our team's ability to provide comprehensive solutions for complex affordable housing transactions. We are proud to support the continued preservation of quality affordable housing for families and seniors throughout these Nevada communities."

Keith Gloeckl, Chief Executive Officer of Churchill Stateside Group, added, "Preserving existing affordable housing is an important part of addressing the continued need for quality housing in communities across the country, particularly in rural markets. This transaction reflects the breadth of experience and resources our team can bring to a project through our lending, securities, and USDA Rural Development capabilities. We are proud to work alongside our partners to help ensure these communities remain valuable affordable housing resources for the residents they serve."

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