Churchill Stateside Group Closes $21.5MM Bond for Housing
Churchill Stateside Group, LLC (CSG) has taken a major step towards improving affordable housing by successfully closing a deal on the Deerwood Apartments project. This development will include 144 housing units, providing a new option for families looking for quality and accessible living spaces.
Financing Structure Behind the Project
The financial framework for this initiative is quite impressive. It involves $21.5 million in short-term cash-backed tax-exempt bonds that have been underwritten by Churchill Stateside Securities, LLC (“CSS”). In addition to this, there are several supportive loans, which include a $20,840,000 taxable construction loan issued by Churchill Mortgage Construction, LLC (“CMC”) and a substantial commitment of $4,800,000 through a forward tax-exempt permanent loan. The project also received a $600,000 loan from the Equitable Recovery Program, highlighting its strong dedication to community growth.
Project Details and Resident Benefits
The Deerwood Apartments are tailored to meet the needs of families, offering diverse living arrangements. The community will comprise 18 one-bedroom units, 84 two-bedroom units, and 42 three-bedroom units, all designed to ensure comfortable living conditions. Residents will benefit from being close to public transport, an international airport, and numerous job opportunities. The surrounding area boasts a wide range of amenities, including grocery stores, pharmacies, major retailers, dining options, parks, fitness centers, and schools.
Community Impact and Future Prospects
Guy Spieler, President of Churchill Stateside Securities, spoke about the positive effects this bond project will have for both developers and the community. This initiative not only paves the way for essential housing construction but also strengthens the financial framework that allows developers to access Low-Income Housing Tax Credits (LIHTC) and other reinvestment benefits. CSG has a strong track record in structuring similar bond offerings to further its mission of delivering affordable housing.
Growing Bond Underwriting Services
Keith Gloeckl, CEO of CSG, expressed enthusiasm about the expanding platform that provides short-term cash-collateralized tax-exempt bonds for projects across multiple states. This growth underscores CSG's unwavering commitment to enhancing housing infrastructure and investing in community well-being.
About Churchill Stateside Group
Churchill Stateside Group is a leader in both the affordable housing and renewable energy fields. With considerable experience in creating tax credit equity investment funds, CSG plays an important role in providing a range of financing solutions, including construction, permanent, and bond financing options. The firm manages over $6 billion in assets and is dedicated to building strong partnerships with institutional investors.
Through its subsidiaries, CSG is recognized as an approved lender by both USDA Rural Development and HUD/FHA. This extensive reach enables them to deliver high-quality financial solutions that are tailored to meet community needs, fostering 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.
