Keith Gloeckl Of Churchill Stateside Group Provides $11.7M Rehabilitation Loan For Vineland Gardens

The property asset involved in the transaction is Vineland Gardens, a 76-unit multifamily affordable housing community located at 775 South 6th Street, in Vineland, New Jersey. The rehabilitation loan amount for this property totals $11,699,000, which will support a comprehensive redevelopment process. The units shall remain restricted to households earning up to 60% of the area median income (AMI), facilitating affordable housing in the region.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $11,699,000
• Lender: Keith Gloeckl - Churchill Stateside Group
• Landlord: Foresight Affordable Housing, Inc
• Loan Type: Rehabilitation
• Market: Vineland
• Units: 76

The deal is facilitated by Keith Gloeckl of Churchill Stateside Group, representing the lender for this transaction, while Foresight Affordable Housing, Inc. is identified as the landlord leading the property upgrades. The redevelopment is structured under the 4% LIHTC program, aiming to enhance the asset originally built in 1972.