Churchill Stateside Group Closes Financing for Deerwood Apartments
Churchill Stateside Group, LLC (CSG), a longtime provider of real estate and renewable energy financial services, has closed financing for a new family-focused community: the Deerwood Apartments. The 144-home development is designed for households and underscores CSG’s commitment to expanding affordable housing where it’s needed.
How the Financing Comes Together
To move Deerwood forward, CSG tapped its PUBLIC-TEL Loan Program, using it as the backbone of the capital stack. The package includes a $20,840,000 Taxable Construction Loan arranged through Churchill Mortgage Construction, LLC (CMC). Complementing the construction debt, Churchill Mortgage Investment, LLC (CMI) provided an additional $4,800,000 Unfunded Forward Tax-Exempt Permanent Loan Commitment and a $600,000 Equitable Recovery Program Loan Commitment.
CSG also layered in $21,500,000 of short-term, cash-backed tax-exempt bonds through Churchill Stateside Securities, LLC (CSS). Together, these pieces illustrate a multifaceted approach—construction capital now, permanent financing queued up, and bond proceeds structured to support affordability over time.
Homes, Location, and Everyday Conveniences
Deerwood is planned for families, with a practical mix of homes: 18 one-bedroom apartments, 84 two-bedrooms, and 42 three-bedrooms. The site offers straightforward access to public transportation and sits within reach of an international airport. Proximity to jobs matters here, too, with employment opportunities nearby.
Daily life is supported by nearby essentials and services: grocery stores, major retailers, pharmacies, service stations, and a range of dining options. Community assets round it out—libraries, colleges, fitness centers, parks, and daycare—so residents can handle the routine without going far.
What CSG Leaders Are Saying
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions at CSG, noted that the PUBLIC-TEL program’s competitive rates and long amortization periods help the project pencil out. “We are very thankful to partner with the developer on this transaction. The development is going to provide much needed housing to the community.”
Keith Gloeckl, CSG’s Chief Executive Officer, emphasized the project’s role in meeting local demand. “This 144-unit multifamily Affordable Housing development provided much needed housing. Churchill provided the necessary financing and delivered in a very timely fashion,” he said.
About Churchill Stateside Group
CSG and its affiliates focus on affordable housing and commercial renewable energy. The firm establishes tax credit equity investment funds for institutional investors and offers construction, permanent, and bond financing solutions. With more than $6 billion in assets under management, CSG maintains strong relationships with investors and developers. An experienced team and proactive leadership align financing tools with market needs—project by project—so capital can reach communities where it can do the most good.
Frequently Asked Questions
What is the Deerwood Apartments project aiming to deliver?
Deerwood Apartments is a 144-home, family-focused affordable housing community designed to expand access to quality rental homes for local households.
Which financing programs and entities were involved?
CSG used its PUBLIC-TEL Loan Program and assembled multiple pieces: a $20,840,000 Taxable Construction Loan through Churchill Mortgage Construction, LLC (CMC); a $4,800,000 Unfunded Forward Tax-Exempt Permanent Loan Commitment and a $600,000 Equitable Recovery Program Loan Commitment through Churchill Mortgage Investment, LLC (CMI); and $21,500,000 of short-term cash-backed tax-exempt bonds through Churchill Stateside Securities, LLC (CSS).
How are the homes configured?
The plan includes 18 one-bedroom units, 84 two-bedroom units, and 42 three-bedroom units to serve a range of family sizes.
What’s nearby for residents?
Residents will have access to public transportation, an international airport, and nearby employment opportunities, plus everyday amenities like grocery stores, major retailers, pharmacies, service stations, dining, libraries, colleges, fitness centers, parks, and daycare.
Who at CSG commented on the project?
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions, highlighted the PUBLIC-TEL program’s competitive rates and long amortization. Keith Gloeckl, Chief Executive Officer, emphasized the timely financing and the development’s role in meeting housing needs.
