Clearwater, FL (PRWEB) April 20, 2011
Churchill Stateside Group is pleased to announce it has closed a $10.7million equity investment in Dogwood Place Subdivision, a 60 unit, single-family home tax credit project located in Iowa, Calcasieu Parish, Louisiana, which is located just outside the city of Lake Charles.
In addition to the equity generated by the sale of the Gulf Coast Opportunity Zone (“GO Zone”) tax credits, the project will be financed with Community Development Block Grant funds and conventional debt.
Upon completion, Dogwood Place Subdivision will offer 12 two-bedroom, 35 three-bedroom and 13 four-bedroom single family units set aside for a range of family households with incomes not to exceed 60% of the area median income. Construction is underway with a completion date set for December 2011.
“We are pleased with the opportunity to invest in a community with such a high demand for quality affordable housing and to support the efforts of the development team, the Louisiana Housing Finance Agency and other federal agencies to stimulate the recovery of the Gulf Coast Opportunity Zone." said Keith Gloeckl, CEO and President of Churchill Stateside Group.
For more information about this transaction, please contact Devin Sanderson, Senior Vice President of Churchill Stateside Group at (727) 461.2200.
About Churchill Stateside Group
Churchill Stateside Group (CSG), based in Clearwater, Florida with an office in Atlanta, Georgia, specializes in sponsoring tax credit investment funds for investors and providing financing for developers of affordable housing, renewable energy installations, historic preservation and film production.
CSG provides interim loans, construction financing, agency products and private capital solutions from various national, regional and local municipal and institutional pension funds. CSG is an approved lender for the USDA Multifamily 538 Guaranteed Loan Program and Fannie Mae Construction Loan Program.
CSG’s investment fund offerings are open to institutions and individuals under federal and state tax credit programs for development of affordable housing, historic preservation, renewable energy and entertainment and film production.
About The Churchill Companies
The Churchill Companies are a full-service mortgage-banking firm with its office in Clearwater, Florida. The company specializes in providing financing for commercial real estate and renewable energy installations.
Churchill Financial LLC is a member of Q10|Capital LLC and benefits from a national infrastructure enabling immediate access to real time financing data from across the country. In the past three years, Q10|Capital companies have produced over $16.5 billion in commercial finance transactions and currently service over $17 billion in commercial mortgage loans.