Churchill Stateside Group announced October 29 approximately $8.18 million in financing and commitments for Trinity East Senior Apartments, a planned 90-home affordable housing development in Houston.
The NHP Foundation is developing the community for residents age 55 and older. According to Churchill, affordability levels will range from 30% to 80% of area median income.
Churchill Mortgage Investment, a subsidiary, closed a $700,000 Capital Magnet Fund loan and provided a $7.484 million forward commitment for permanent financing.
The distinction separates money already closed as a loan from financing committed for a later stage. The announcement does not describe the entire package as funds already disbursed.
Smith & Company Architects designed the project, which will use 9% Low-Income Housing Tax Credits to support construction, the company said.
Churchill describes the Capital Magnet Fund loan as part of financing that can remain in place during construction and the permanent period, subordinate to other loans.
The release concerns funding for new housing. It does not announce completed apartments, an opening date or an application period for prospective residents.
Sources: Churchill Stateside Group — October 29 Financing Announcement: https://www.streetinsider.com/Business%2BWire/Churchill%2BStateside%2BGroup%2BProviding%2B$8.18M%2Bin%2BFinancing%2Bfor%2B90-Unit%2BAffordable%2BSenior%2BHousing%2BDevelopment%2Bin%2BHouston,%2BTexas/27257016.html