CSG and CSS are Pleased to Announce the Closing of Deerwood Apartments Including $26.2MM in Loan Financing and $21.5MM in Short-Term Cash Collateralized Tax-Exempt Bonds Sold in The Public Marketplace to Institutional Investors
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.
Guy Spieler, President of Churchill Stateside Securities added, "We were happy to work with the entire development team in placing this Public-TEL bond project which allowed the Developer to benefit from additional 4% LIHTC proceeds and additional Reinvestment earnings. Churchill Stateside Securities specializes in these types of 4% bond offerings and would be happy to speak with Developers about their 4% bond needs."
Keith Gloeckl, Chief Executive Officer of CSG, added, "Churchill provided the short-term cash collateralized tax exempt bonds for this transaction. Churchill's bond underwriting platform continues to grow on multiple developments across the United States."
For more information about how Churchill Stateside Group can support your financial objectives, please contact our production team via email at Production@CSGfirst.com 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
(727) 233-0614
Marketing@CSGfirst.com
