Churchill Stateside Group Closes $7,865,000 Forward-Committed Permanent Loan for 95-Unit New Construction Senior Living Housing Community in Lancaster, OH
The financing, provided by Churchill Mortgage Investment LLC ('CMI'), supports the development of a three-story building offering a mix of one- and two-bedroom apartment homes. All units will be income-restricted at 60% of the Area Median Income (AMI), ensuring affordable housing options for senior residents in the region.
Construction is scheduled for completion in 2026.
Located just 30 miles southeast of Columbus, Ohio, The Reserve at Hunter Trace offers convenient access to local services, retail, and public transportation, while placing residents within commuting distance of employment opportunities in the greater Columbus area.
Ben Goates, Vice President, Director of Originations for CSG, said, 'What an honor it is to work with such an incredible sponsor as Fairfield Homes who has been dedicated to serving the residents of Central Ohio for generations. We're thrilled to participate in the inaugural round of the State of Ohio Low Income Housing Tax Credit program by providing this uniquely effective forward-committed loan product for The Reserve at Hunter Trace, which includes a 40-year amortization, 1.15 DCR, 3 years of interest-only payments after stabilization, and the ability to size to greater proceeds upon conversion.'
Keith Gloeckl, Chief Executive Officer of CSG, added, 'We at Churchill are proud to support the financing of this much-needed affordable senior housing development. The Reserve at Hunter Trace represents a meaningful investment in the Lancaster community, providing quality, affordable housing options for older adults. I commend our dedicated team at Churchill for their expertise and commitment in bringing this project to a successful close.'
Churchill Stateside Group remains committed to financing projects that foster strong, sustainable communities and meet the growing need for affordable housing across the United States.
Interested in financing solutions for your next multifamily affordable housing project?
Visit us at CSGfirst.com or reach out directly to our production team at production@csgfirst.com. We're here to help you achieve your financial objectives with customized solutions backed by decades of experience.
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 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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