Churchill Stateside Group Secures Major Financing for New Project

Author: Evelyn Baker Updated: 09-10-2024 10:43 AM

Churchill Stateside Group Announces Successful Financing Closure

Churchill Stateside Group, LLC (CSG), a leading force in real estate and renewable energy financial services, has successfully completed financing for a remarkable new project. This exciting development involves the construction of the Deerwood Apartments, comprising 144 units designed to meet the needs of families. The financing secured is a testament to CSG's commitment to bolster affordable housing initiatives.

Project Overview and Financial Details

The Deerwood Apartments not only promise to enhance the living conditions for families but also exemplify the company's dedication to affordability. CSG leveraged its innovative PUBLIC-TEL Loan Program, which is vital for facilitating this financing. The total financing package includes a substantial $20,840,000 Taxable Construction Loan facilitated through Churchill Mortgage Construction, LLC (CMC). Moreover, an additional $4,800,000 Unfunded Forward Tax-Exempt Permanent Loan Commitment and $600,000 from the Equitable Recovery Program Loan Commitment through Churchill Mortgage Investment, LLC (CMI) were part of this financial arrangement.

Furthermore, CSG creatively incorporated $21,500,000 of short-term cash-backed tax-exempt bonds through Churchill Stateside Securities, LLC (CSS), demonstrating a multifaceted approach to secure the necessary funds for this project.

Community Benefits and Amenities

The Deerwood apartment community is strategically developed to cater to family living, with plans for 18 one-bedroom units, 84 two-bedroom units, and 42 three-bedroom units. Its location is advantageous for residents, featuring easy access to public transportation and being in proximity to an international airport. This accessibility is complemented by nearby employment opportunities, which are plentiful. Residents will also benefit from a wealth of amenities including grocery stores, major retailers, pharmacies, service stations, dining options, libraries, colleges, fitness centers, parks, and daycare services.

Leadership Insights on the Project

Dan Duda, Senior Vice President and National Director of Originations and Acquisitions at CSG, expressed enthusiasm about using the PUBLIC-TEL program to fund this essential affordable housing initiative in the area. He highlighted the program's competitive rates and long amortization periods, which significantly enhance the project's economic viability. He noted, “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, the Chief Executive Officer of CSG, reinforced this sentiment, commenting on the importance of the multi-family development in addressing housing shortages. “This 144-unit multifamily Affordable Housing development provided much needed housing. Churchill provided the necessary financing and delivered in a very timely fashion,” he stated.

About Churchill Stateside Group

Churchill Stateside Group and its affiliates focus on the affordable housing and commercial renewable energy sectors. CSG is dedicated to establishing tax credit equity investment funds aimed at institutional investors while offering a comprehensive range of construction, permanent, and bond financing solutions. With an impressive portfolio of over $6 billion in assets under management, CSG has cultivated robust investment relationships that benefit both its investor and developer clients. Their experienced team and proactive leadership ensure a strategic approach to all projects, aligning financial objectives with market needs.

Frequently Asked Questions

What is the goal of the Deerwood Apartments project?

The Deerwood Apartments project aims to provide affordable housing options for families in the community.

What financial program did CSG utilize for this project?

CSG utilized its PUBLIC-TEL Loan Program for financing the Deerwood Apartments.

How many units will the Deerwood Apartments have?

The Deerwood Apartments will feature 144 units, including one, two, and three-bedroom apartments.

What amenities are available near the Deerwood apartment community?

Nearby amenities include public transportation, grocery stores, pharmacies, and recreational facilities, which enhance the living experience.

Who are the leadership figures at CSG involved in this project?

Dan Duda and Keith Gloeckl are notable leadership figures at CSG, actively involved in securing financing for the project.

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