Churchill Stateside Group, LLC (“CSG”), a real estate and renewable energy financial services company, is pleased to announce the closing of a $7,237,900 FHA/HUD 221(d)(4) Loan for Tranquility at St. Andrews, an 84-unit new construction affordable housing community located in Panama City, Florida.
The FHA/HUD 221(d)(4), provided through Churchill Mortgage Investment LLC (“CMI”), will fund both the construction and permanent financing of this new garden-style apartment community. The FHA/HUD 221(d)(4) loan is a nonrecourse loan with a 40-year term and amortization and an exceptionally low rate.
In addition, the equity is funded through the syndication of 9% Low-Income Housing Tax Credits (LIHTC). Tranquility at Saint Andrews will consist of three three-story buildings, offering 42 two-bedroom and 42 three-bedroom apartments.
Of the 84 total units, 73 will be income-restricted at 60% of the Area Median Income (AMI), 9 units will be restricted to 40% AMI, and the remaining 2 units will be rented at market rate. Each apartment will feature private patios or balconies, and residents will have access to community amenities including a swimming pool, fitness center, business center, playground, and clubhouse, enhancing quality of life and providing a positive living environment for families in the Panama City area.
Dan Duda, Executive Vice President, National Director of Originations & Acquisitions for CSG, commented, “Tranquility at Saint Andrews represents the type of meaningful development we are proud to support. This project will help address the growing need for high-quality affordable housing in Panama City while providing families with long-term stability and access to key amenities. We are honored to work with our development partners to bring this community to life.”
Keith Gloeckl, Chief Executive Officer of CSG, added, “At Churchill, we are committed to financing housing solutions that make a lasting impact. Tranquility at Saint Andrews not only expands the supply of affordable housing, but it does so in a way that promotes dignity, community, and opportunity for its residents. We are proud to play a part in this important effort.”
Churchill Stateside Group continues to be a leader in affordable housing finance, dedicated to advancing strong, inclusive communities through creative, client-focused capital solutions.
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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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