Churchill Secures $47.7MM Financing for Lake Charles Apartments
- The financing for Deerwood Apartments includes a $20,840,000 Taxable Construction Loan and additional commitments totaling $5.4 million.
- The apartment community will consist of 144 units, including various configurations to accommodate families.
- This project aims to provide much-needed affordable housing in Lake Charles, enhancing the local community's living conditions.
Churchill Stateside Group, LLC has successfully closed financing for the construction of Deerwood Apartments, a new 144-unit affordable housing community in Lake Charles, Louisiana. The financing package includes a $20,840,000 Taxable Construction Loan, a $4,800,000 Unfunded Forward Tax-Exempt Permanent Loan Commitment, and a $600,000 Equitable Recovery Program Loan Commitment. Additionally, $21,500,000 in short-term cash backed tax-exempt bonds were issued to support the project. The Deerwood Apartments will feature a mix of unit types, including 18 one-bedroom, 84 two-bedroom, and 42 three-bedroom apartments, catering to family-tenancy. The location is strategically chosen to provide residents with access to public transportation, an international airport, and various amenities such as grocery stores, pharmacies, and parks, enhancing the living experience for future tenants. Dan Duda, Senior Vice President at CSG, expressed enthusiasm about utilizing the PUBLIC-TEL program to finance this essential housing project, highlighting the positive impact on the local community. The financing structure allowed the developer to reinvest capital, making the project more economically viable. Keith Gloeckl, CEO of CSG, emphasized the importance of this development in addressing the housing needs of Lake Charles. The timely financing provided by Churchill is expected to significantly contribute to the availability of affordable housing in the area, ultimately benefiting the local community and its residents.