RD 538 Financing Gives Way to More Affordable Operations
USDA Rural Development 538 Permanent Loan Financing recently enabled an Abbington Ranch property to become a more feasible operation. Financing was recently secured for this 48-unit new affordable housing project in Boerne. Construction finished in mid-2020 with stabilization in December 2020.
Permanent sources consist of Federal Low Income Housing Tax Credit Equity and the RD 538 financing. Churchill Stateside Group LLC (CSG) is providing the $4.8 million in USDA Rural Development 538 permanent financing.
“The affordability of the USDA Rural Development 538 Program allows our client to run the operations of the property at a very affordable level,” said Dan Duda, senior vice president and national director of originations and acquisitions for CSG.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).