Churchill Stateside Group, LLC (“CSG”) is pleased to announce the closing of a $5,615,000 FHA/HUD 221(d)(4) construction and permanent loan and a $9,500,353 equity bridge loan for Retreat at Esther, a new 103-unit senior affordable housing community in Houston, Texas.
The four-story development includes 77 one-bedroom and 26 two-bedroom units, plus a clubhouse/leasing office. All units are encumbered by 9% Low-Income Housing Tax Credit (LIHTC) restrictions, ensuring they are leased to income-qualified seniors aged 62 and older. The unit mix includes 11 units at or below 30% of Area Median Income (AMI), 29 units at or below 50% AMI, and 63 units at or below 60% AMI.
Blair Henderson, VP, Originations Officer for CSG, stated:
“Retreat at Esther required a coordinated financing structure to align HUD-insured construction and permanent financing with the 9% tax credit equity timeline. By combining FHA 221(d)(4) financing with an equity bridge loan, we delivered a seamless capital solution that keeps the project on track and supports timely delivery of senior housing.”
Keith Gloeckl, Chief Executive Officer of CSG, added:
“This closing highlights our ability to structure complex financing solutions that preserve affordability while meeting the unique needs of seniors. Retreat at Esther reflects CSG’s continued commitment to delivering much-needed affordable housing in high-demand markets.”
Churchill Stateside Group remains a national leader in multifamily and affordable housing finance, providing capital solutions through HUD, USDA, renewable energy, and tax credit programs.
Visit CSGfirst.com or contact the company’s production team at production@csgfirst.com to learn more.
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