Churchill Stateside Group Closes $47.7MM in Financing for the New Construction of a 144-Unit Apartment Community in Lake Charles, Louisiana
CSG is Pleased to Announce the PUBLIC-TEL Financing Closing on Deerwood Apartments. The financing includes a $20,840,000 Taxable Construction Loan, $4,800,000 Unfunded Forward Tax-Exempt Permanent Commitment, and a $600,000 Equitable Recovery Program Loan Commitment. In addition, Churchill Stateside Securities helped provide the bond underwriting services on bond issuance of $21,500,000.
CLEARWATER, Fla.–(BUSINESS WIRE)–Churchill Stateside Group, LLC (“CSG”), a real estate and renewable energy financial services company, is pleased to announce the closing of Deerwood Apartments, a 144-unit new construction community located in Lake Charles, Louisiana. CSG utilized its PUBLIC-TEL Loan Program to facilitate the closing. The financing includes 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”), as well as $21,500,000 of short-term cash backed tax-exempt bonds through Churchill Stateside Securities, LLC (“CSS”).
The Deerwood apartment community, set to cater to family-tenancy, will offer 18 one-bedroom units, 84 two-bedroom units, and 42 three-bedroom units. The convenient location of this community offers various benefits to tenants including a public transportation stop and an international airport close by. The nearby vicinity also provides many employment opportunities, in addition to grocery stores, major department stores, pharmacies, gas stations, restaurants, libraries, colleges, fitness centers, parks, and daycares.
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, “We are very excited we were able to utilize Churchill’s PUBLIC-TEL program to help finance this much needed affordable housing community in Lake Charles. Our PUBLIC-TEL program offers competitive rates with a 40-year amortization. In addition, the sponsor was able to benefit from the positive arbitrage bond environment and was able to reinvest capital back into the deal to make the transaction more economically feasible. We are very thankful to partner with the developer on this transaction. The development is going to provide much needed housing to the Lake Charles community.”
Keith Gloeckl, Chief Executive Officer of CSG, added, “This 144-unit multifamily Affordable Housing development provided much needed housing to the Lake Charles community. Churchill provided necessary financing and delivered in a very timely fashion.”
For more information about how Churchill Stateside Group can support your financial objectives, please contact our production team via email at [email protected] or visit CSGfirst.com.
About Churchill Stateside Group
Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and commercial renewable energy industries. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction, permanent, and bond financing solutions. With over $6 Billion of assets under management, CSG has long-standing and successful investment relationships with numerous corporate investors. The company’s investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC (CMI), is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer, seller, and servicer.
Securities are offered through Churchill Stateside Securities, LLC (CSS), a SEC and MSRB registered broker-dealer, and member FINRA/SIPC. Certain individuals associated with, or employed by, CSG may also be Registered Representatives associated with CSS. Investing involves the risk of loss. Past performance is not indicative of future results.
Contacts
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