Churchill Stateside Group Closes $21.5MM Bond for Housing
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Churchill Stateside Group Closes $21.5MM Bond for Housing
Churchill Stateside Group, LLC (CSG) recently announced a significant step in its mission to enhance affordable housing by successfully closing on Deerwood Apartments, a community that features 144 units. This new construction development is set to rise in a location that is poised to benefit families seeking quality and convenient living arrangements.
Financing Structure Behind the Project
The financing plan for this project is quite robust. It encompasses a total of $21.5 million in short-term cash-backed tax-exempt bonds underwritten by Churchill Stateside Securities, LLC (“CSS”). Moreover, there are complementary loans including a $20,840,000 taxable construction loan from Churchill Mortgage Construction, LLC (“CMC”) and a significant commitment of $4,800,000 through a forward tax-exempt permanent loan. Additionally, a $600,000 loan from the Equitable Recovery Program showcases the project's commitment to community building.
Project Details and Resident Benefits
The Deerwood Apartments cater specifically to families with diverse housing options. This includes 18 one-bedroom units, 84 two-bedroom units, and 42 three-bedroom units designed to offer comfortable living. Residents will find themselves well-served by proximity to public transport, an international airport, and a wealth of employment opportunities. The area is rich in amenities such as grocery stores, pharmacies, major retailers, dining, parks, fitness centers, and educational institutions.
Community Impact and Future Prospects
Guy Spieler, President of Churchill Stateside Securities, emphasized the positive impact of this bond project for developers and the community alike. The initiative not only facilitates the construction of vital housing but also enhances the financial framework that allows developers to benefit from Low-Income Housing Tax Credits (LIHTC) and additional reinvestment earnings. CSG has proven expertise in structuring similar bond offerings to support the mission of providing affordable housing.
Growing Bond Underwriting Services
Keith Gloeckl, the Chief Executive Officer of CSG, highlighted the expanding platform that provides short-term cash-collateralized tax-exempt bonds for projects across various states. This growth reflects CSG's steadfast commitment to improving housing infrastructures and investing in community well-being.
About Churchill Stateside Group
Churchill Stateside Group stands as a beacon in the affordable housing and renewable energy sectors. With extensive experience in creating tax credit equity investment funds, CSG plays a significant role in offering a variety of financing solutions, which include construction, permanent, and bond financing options. The firm boasts over $6 billion in assets managed, with a keen focus on fostering successful relationships with institutional investors.
Through its subsidiaries, CSG is recognized as an approved lender by both USDA Rural Development and HUD/FHA. This expansive reach allows them to provide quality financial solutions tailored for the needs of communities, ensuring a more inclusive growth.
Frequently Asked Questions
What type of financing was secured for Deerwood Apartments?
The project secured a combination of taxable loans and tax-exempt bonds, totaling $21.5 million for the development.
How many units are included in the Deerwood Apartments?
Deerwood Apartments will feature a total of 144 units, including one-bedroom, two-bedroom, and three-bedroom layouts.
What benefits does Deerwood Apartments offer residents?
The community is strategically located near public transport, employment opportunities, and amenities such as grocery stores and parks.
Who underwrites the bonds for these projects?
The bonds for Deerwood Apartments were underwritten by Churchill Stateside Securities, LLC (CSS).
What is the mission of Churchill Stateside Group?
CSG aims to enhance affordable housing options while also supporting renewable energy initiatives through various financial services.
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