Churchill Stateside Group has closed a $14.5 million permanent loan for Ascent on Broadway, a newly constructed 161-unit affordable housing development in Phoenix.
The financing was provided through Churchill Mortgage Investment, a subsidiary of Churchill Stateside Group.
The transaction continues CSG’s involvement with the property after the firm provided a $24.2 million construction loan in 2023 through Churchill Mortgage Construction.
Together, the two financings demonstrate CSG’s strategy of providing capital across multiple phases of affordable housing projects, from construction through permanent financing.
Ascent on Broadway was developed using federal 4% Low-Income Housing Tax Credits.
The property includes 11 apartments reserved for households earning up to 40% of area median income, 22 units for households earning up to 50% of AMI and 128 units for households earning up to 60% of AMI.
The project adds 161 affordable rental homes to the Phoenix market, where population growth and housing costs have increased the need for additional income-restricted housing.
Churchill Stateside Group provides financing and investment services across affordable multifamily housing and commercial renewable energy.
The firm manages more than $6.5 billion of assets and sponsors tax-credit equity investment funds for institutional investors.
CSG also provides construction, permanent and bond financing solutions.
Through Churchill Mortgage Investment, the company is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender as well as a Ginnie Mae issuer, seller and servicer.
The Ascent on Broadway closing illustrates how the firm’s different financing capabilities can be used sequentially on the same development.
KEY QUOTES:
“We are pleased to continue our involvement with Ascent on Broadway and see the development progress from construction through permanent financing.”
“Providing financing solutions across multiple phases of a transaction allows us to remain a consistent partner to our clients while supporting the development of quality affordable housing in communities like Phoenix.”
Dan Duda, Executive Vice President and National Director of Originations & Acquisitions at Churchill Stateside Group
“Ascent on Broadway is a great example of the value of providing financing solutions that support affordable housing developments throughout their lifecycle.”
Keith Gloeckl, CEO of Churchill Stateside Group
