Churchill Stateside Group Closes $7,237,900 FHA/HUD 221(d)(4) Loan for 84-Unit Affordable Family Housing Community in Panama City, FL
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.
Looking for creative financing solutions for your next affordable housing project?
Visit us at CSGfirst.com or reach out to our production team at production@csgfirst.com.
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
13 hours ago
- Business Wire
Guardian Doubles Washington Presence with Addition of Nine HUD Communities
PORTLAND, Ore.--(BUSINESS WIRE)--Guardian, a leader in Pacific Northwest multifamily property operations, is proud to announce it assumed management of nine HUD-subsidized apartment communities serving low-income seniors and families across Washington. 'This expansion reflects our continued commitment to providing housing for all and strengthens our ability to serve more Washington housing communities with the care and attention they deserve.' Tom Brenneke, President, Guardian Share The transition includes a total of 1,300 apartment homes located in nine counties, spanning from Vancouver to Port Townsend and Spokane to Chehalis, marking a significant expansion of Guardian's affordable housing management portfolio. These communities provide affordable housing options for seniors and families throughout Washington. The phased transition took effect on February 1, 2025, for four communities, and April 1, 2025, for the remaining five. With this addition, Guardian doubled its presence in Washington, and the Evergreen State now makes up 20% of its managed portfolio. 'We're honored to be a trusted partner in preserving housing that helps these communities thrive,' said Tom Brenneke, President of Guardian. 'This expansion reflects our continued commitment to providing housing for all and strengthens our ability to serve more Washington housing communities with the care and attention they deserve.' Guardian brings more than 20 years of experience in the management of affordable housing, including Low-Income Housing Tax Credit (LIHTC) and HUD-subsidized properties. As property manager, Guardian will oversee all operational aspects of the nine communities, including compliance, maintenance, marketing, and resident support, with a focus on supporting long-term housing preservation. About Guardian Guardian is a developer, owner, and operator of multifamily properties, providing innovative real estate solutions dedicated to community and housing for all. Based in the Pacific Northwest, our customer-focused team is committed to supporting and lifting the communities we serve. Since 2002, Guardian has developed or acquired 11,000 multifamily units and 350,000 square feet of commercial space. With more than 450 team members, our management portfolio consists of 135 communities across four states. For more information, visit
Miami Herald
a day ago
- Miami Herald
How immigration issues can affect Florida real estate. ‘I can't live here.'
Some buyers have the upper hand in Florida, with rising inventory and developers offering sales incentives. But immigration issues also are affecting the real estate market, with uncertainty leading some property owners to sell their homes quickly to capitalize on rising prices. 'There are people leaving, calling me ... to put their house up for sale. 'I'm going back, I can't live here,' ' Gisela Rojas, a broker with Caissa Realty Investment, told el Nuevo Herald. Rojas, based in Orlando but also active in the Miami area said that many of the new listings she is handling are 'people who are returning to Colombia, Mexico, Venezuela and are looking for other places like Spain to start a new life.' 'I'm seeing it up close; most of them are facing immigration uncertainty,' said Rojas, who has a prominent social media presence and appears on Telemundo and Univision. 'They had already achieved the American dream without being residents, with a lot of effort.' Many immigrants bought homes by taking advantage of federal FHA loans, which allow for low down payments of around 3.5%, and other assistance for first-time buyers. They also became homeowners when mortgage interest rates were lower than the current just-under 7%. In most of Florida, a single person needs to earn around $80,000 to own a home, and in more expensive cities like Miami, Doral, Pembroke Pines and Weston, it's closer to $140,000. In addition to the high prices in Miami-Dade, especially compared to wages, buyers in the Miami metropolitan area, which includes Fort Lauderdale and West Palm Beach, are paying mortgage rates above the national average. Mortgages in a buyer-friendly market Those with undefined immigration status who bought property a few years ago now have significant equity in their homes and are selling quickly to take advantage of that, Rojas said. Rojas points out that at a time when properties are staying on the market for 90 to 120 days, buyers can get a lot of benefits from sellers and also from developers, who are trying to drive sales of new construction. 'Builders are offering incentives. Yesterday I was able to put a contract on a new home for $600,000, and they gave the buyer $38,000 for closing costs,' Rojas said. Property appraisals are also coming in below the asking price, sometimes $30,000 less, giving buyers more leeway to persuade sellers to lower the price, he said. With the market in their favor, buyers should look for alternatives to finance. Those who can't qualify for an FHA loan can try for a conventional loan. Other programs require a buyer to have low or limited income, such as HomeReady Mortgage and Home Possible. Offers and incentives for renting in Florida The rental market is trending downward, especially in Central Florida around Orlando, Rojas said. But she hasn't noticed price declines in Miami and other high-demand cities, although there is increasing inventory. 'There are a lot of new condos for rent, and they offer incentives, like three months of free rent and no deposit required,' Rojas said. The real estate agent also sees opportunities for investors, who can buy properties at a discount in areas that will later appreciate in value, while also earning a return on the monthly rent. 'We're talking about two realities because foreign investors are arriving,' Rojas said, 'looking for people desperate to get out of their properties.'
Axios
2 days ago
- Axios
Des Moines rethinks housing strategy after pushback
Des Moines City Council is expected to adopt its first citywide housing strategy on Monday, significantly revising a controversial plan that would have indefinitely halted most new low-income housing tax credit (LIHTC) projects. Why it matters: The now-revised provision triggered strong opposition from developers and housing advocates who said it could create additional hurdles in the city's efforts to increase affordable housing. Catch up quick: The strategy was developed over much of the past year through public input and the assistance of the Maine-based urban planning firm CZB. It's a long-term plan that will shape how the city funds efforts to tackle housing affordability and includes goals or priorities for rental preservation, new construction and homeownership. Zoom in: The initial proposal to pause LIHTC projects in DSM was intended to encourage more evenly distributed low-income housing across the metro. Developers argued the proposal failed to fully consider the community benefits of using LIHTCs — one of the country's most common tools for creating affordable housing — or acknowledge the extent of their use in suburban communities. State housing agencies award the federal tax credits to private developers of affordable rental projects. Projects typically require approval from local governments before they are awarded incentives. State of play: The revised plan will evaluate future LIHTC projects using broader criteria, including design and whether they might overly concentrate poverty. DSM still aims for regional equity in subsidized housing and plans to collaborate with other jurisdictions, per the revision. What they're saying: Former state Sen. Jack Hatch, a housing developer who sought revisions to the plan, thanked the council for the changes in a Friday email. It now promotes a very different attitude and shows that the city is open to all housing financing strategies, he wrote. The intrigue: One of the new housing strategies includes support for a Community Land Trust — " affordable forever homes" that can only be resold at restricted prices to other low-income buyers. Carrie Woerdeman, board chairperson of the newly created Central Iowa Community Land Trust, tells Axios that DSM's first home in the program will likely hit the market late this year.
