Churchill Stateside Group Closes $14.5 Million Permanent Loan for Ascent on Broadway in Phoenix, Arizona

CLEARWATER, Fla.--(BUSINESS WIRE)--Churchill Stateside Group, LLC (CSG), a multifamily real estate and renewable energy financial services company, is pleased to announce the closing of a $14,500,000 permanent loan for Ascent on Broadway, a newly constructed 161-unit affordable housing community serving families in Phoenix, Arizona. The permanent financing was provided through Churchill Mortgage Investment LLC (CMI), a subsidiary of CSG.

The closing marks the latest phase of CSG’s involvement with Ascent on Broadway, following a $24,200,000 construction loan provided in 2023 through Churchill Mortgage Construction LLC (CMC). Together, the construction and permanent financing demonstrate CSG’s ability to provide comprehensive financing solutions throughout multiple stages of affordable housing development.

Ascent on Broadway was developed utilizing Federal 4% Low-Income Housing Tax Credits (LIHTC) and provides 161 affordable apartment homes for families in the Phoenix community. The property includes 11 units designated for households earning up to 40% of Area Median Income (AMI), 22 units for households earning up to 50% of AMI, and 128 units for households earning up to 60% of AMI.

“We are pleased to continue our involvement with Ascent on Broadway and see the development progress from construction through permanent financing,” said Dan Duda, Executive Vice President, National Director of Originations & Acquisitions for CSG. “Providing financing solutions across multiple phases of a transaction allows us to remain a consistent partner to our clients while supporting the development of quality affordable housing in communities like Phoenix.”

“Ascent on Broadway is a great example of the value of providing financing solutions that support affordable housing developments throughout their lifecycle,” said Keith Gloeckl, Chief Executive Officer of CSG. “We are proud to have supported this development through both its construction and permanent financing phases and to help bring 161 affordable homes to families in the Phoenix community.”

For more information about CSG's multifamily finance programs and services, please contact Dan Duda, EVP and National Director of Originations and Acquisitions, at [phone] or via email at [e-mail].

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.