Churchill Stateside Group, LLC (“CSG”), a real estate and renewable energy financial services company, is pleased to announce $8.18 million in financing and commitments for Trinity East Senior Apartments, a new construction affordable senior housing community in Houston, Texas.
Developed by The NHP Foundation, Trinity East Senior Apartments will provide 90 apartment homes for seniors age 55 and older, with affordability ranging from 30% to 80% of Area Median Income (“AMI”). Designed by Smith & Company Architects, the development will utilize 9% Low-Income Housing Tax Credits (“LIHTC”) to support the construction of much-needed affordable senior housing in the Houston market.
Churchill Mortgage Investment LLC (“CMI”), a subsidiary of CSG, closed a $700,000 Capital Magnet Fund (“CMF”) loan and provided a $7,484,000 forward commitment for permanent financing of Trinity East Senior Apartments.
Located in Houston, the largest city in Texas, Trinity East Senior Apartments will provide residents with convenient access to neighborhood amenities, including employment centers, shopping, grocery stores, transportation, and other essential services.
Ben Goates, Senior Vice President and Director of Originations for CSG, stated, “Trinity East Senior Apartments gave us the opportunity to flex our capital stack creativity as it qualified for our CMF implementation criteria, which allows us to layer in a very low-interest loan during construction and throughout the permanent period, which subordinates to other loans in the stack. This innovative financing demonstrates our ability to provide solutions across different stages of a development and help our partners bring much needed affordable housing to the communities they serve.”
Keith J. Gloeckl, Chief Executive Officer of CSG, added, “Trinity East Senior Apartments reflects CSG’s continued commitment to financing quality affordable housing in communities across the country. We are proud to support the development of housing that will provide seniors in Houston with affordable, quality homes and convenient access to important neighborhood resources.”
For more information about CSG’s multifamily finance programs and services, please contact our production team at production@csgfirst.com or visit us at 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 $6.5 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.
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