Churchill Stateside Group has arranged $8.18 million in financing and commitments for Trinity East Senior Apartments, a planned 90-unit affordable senior housing development in Houston.
The NHP Foundation is developing the project, which will serve residents aged 55 and older and offer apartments affordable to households earning between 30% and 80% of Area Median Income.
The development will use 9% Low-Income Housing Tax Credits and was designed by Smith & Company Architects.
Churchill Mortgage Investment, a subsidiary of Churchill Stateside Group, closed a $700,000 Capital Magnet Fund loan and provided a $7.484 million forward commitment for permanent financing.
The financing structure allows the Capital Magnet Fund loan to remain subordinate to other debt during construction and the permanent financing period, creating an additional low-interest capital layer for the affordable housing development.
Trinity East Senior Apartments will be located near employment centers, shopping, grocery stores, healthcare services, and other neighborhood amenities in Houston.
Churchill Stateside Group provides financing and investment services across affordable housing and renewable energy. Its capabilities include tax credit equity, debt financing, and related capital solutions for multifamily properties.
The Trinity East transaction reflects the firm’s use of multiple financing sources to support affordable housing projects that can be difficult to fund with conventional debt alone.
For The NHP Foundation, the financing provides a path to advance a senior housing community with rents targeted across a broad range of income levels.
The transaction also adds to Churchill Stateside Group’s affordable housing activity in large metropolitan markets where rising development and operating costs can make it challenging to produce lower-cost housing for older residents.
The firm said its financing model is designed to support projects from construction through permanent stabilization while combining government-backed and private capital sources where appropriate.
KEY QUOTES:
“This innovative financing demonstrates our ability to provide solutions across different stages of a development and help our partners bring much needed affordable housing to the communities they serve.”
Ben Goates, Senior Vice President And Director Of Originations At Churchill Stateside Group
“We are proud to support the development of housing that will provide seniors in Houston with affordable, quality homes and convenient access to important neighborhood resources.”
Keith J. Gloeckl, CEO Of Churchill Stateside Group
