Churchill Stateside Group Provides $11,000,000 Tax-Exempt Construction Loan for Adaptive Re-Use of Historic Building for Senior Housing Development in New Orleans, LA

CLEARWATER, Fla.--(BUSINESS WIRE)--Churchill Stateside Group, LLC (“CSG”), a real estate and renewable energy financial services company, is pleased to announce the closing of an $11,000,000 Tax-Exempt Construction Loan to finance Canal Crossing, a 49-unit affordable Low Income Housing Tax Credit senior housing development located in New Orleans, Louisiana.

The project involves the adaptive re-use of a historic building, blending affordable housing development with architectural preservation in the heart of New Orleans. Once completed, the property will offer high-quality, income-restricted housing for seniors, addressing a critical need in a city that faces a shortage of affordable rental housing.

All 49 units at Canal Crossing will be income-restricted, serving a range of affordability levels:

• 3 units at 30% of Area Median Income (AMI)
• 8 units at 50% AMI
• 24 units at 60% AMI
• 14 units at 70% AMI

Located in a highly accessible area, Canal Crossing is within close proximity to shopping, public transit, employment opportunities, and essential community services, ensuring that residents not only have a place to live, but also access to the resources needed to thrive.

The financing was provided through Churchill Mortgage Construction LLC (“CMI”) utilizing its Private Tax-Exempt Construction Loan structure, a financing solution tailored to support complex affordable housing developments, particularly those involving low income housing and historic tax credits.

Dan Duda, Executive Vice President, National Director of Originations & Acquisitions for CSG, commented, "We are proud to support Canal Crossing, a development that revitalizes a historic property while providing much-needed affordable housing for seniors in New Orleans. Our loan programs continue to deliver reliable, cost-effective capital solutions that help bring important community projects to life."

Keith Gloeckl, Chief Executive Officer of CSG, added, "Canal Crossing is a great example of the kind of thoughtful, community-driven development Churchill is proud to finance. This project not only preserves an important piece of the city’s history, but also directly addresses the housing needs of one of its most vulnerable populations. We’re honored to play a role in its success."

Churchill Stateside Group remains a leader in affordable housing finance, committed to delivering creative capital solutions that support resilient communities across the country.

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About Churchill Stateside Group

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.