LAKE CHARLES, LA. — Churchill Stateside Group LLC has closed $47.7 million in construction financing for Deerwood Apartments, a new 144-unit affordable housing development in Lake Charles, a city in western Louisiana. Once complete, the property will feature 18 one-bedroom units, 84 two-bedroom apartments and 42 three-bedroom units that will cater to families. The construction timeline and developer/sponsor were not disclosed.
The financing package included $21.5 million of short-term, tax-exempt bonds through Churchill Stateside Securities LLC; a $20.8 million construction loan via Churchill Mortgage Construction LLC; a $4.8 million forward tax-exempt permanent loan commitment; and a $600,000 Equitable Recovery Program loan commitment through Churchill Mortgage Investment LLC. The Clearwater, Fla.-based financial services company utilized its PUBLIC-TEL loan program to facilitate the financing.