Subjects: FNC, VET, FVT
Churchill Stateside Group Announces Closing of Benjamin O. Davis Veterans Village in Detroit, Michigan
CSG Provides a Forward Permanent Loan Commitment to The Benjamin O. Davis Veterans Village Community which will Provide Affordable Housing to Veterans and Disabled Individuals
CLEARWATER, Fla., Nov. 9, 2023 /PRNewswire-PRWeb/ -- Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the closing and groundbreaking of Benjamin O. Davis Veterans Village, a new affordable housing construction development in Detroit, Michigan. Benjamin O. Davis will provide essential affordable housing and supportive services for both homeless veterans and residents with disabilities. Churchill provided an unfunded forward permanent loan commitment totaling $3,145,000, via Churchill's Forward Permanent Loan program. Benjamin O. Davis Veterans Village will provide 50 one-bedroom apartments. Half of these units will be dedicated to permanent supportive housing for individuals experiencing chronic homelessness, with a specific emphasis on assisting veterans. The remaining 25 units will be available for residents with disabilities. To ensure accessibility for all, project-based vouchers from the Michigan State Housing Development Authority and the Detroit Housing Commission will guarantee that each resident pays no more than 30% of their monthly income towards rent.
Benjamin O. Davis Veterans Village is the outcome of a partnership between leaders in affordable housing, behavioral health, and veteran healthcare. Residents will have access to an array of resources, including therapeutic services, nursing services, substance abuse assistance, adult case management, hospital liaison services, mental health services, and employment services. In 2021, approximately 1,120 individuals in the Detroit Continuum of Care were identified as part of the chronically homeless population. This classification applies to individuals who have received a long-term disabling diagnosis and have experienced homelessness four or more times within the past three years, or have been continuously homeless for a year due to a disabling condition.
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, "Churchill Mortgage Investment is excited to provide an unfunded forward commitment of a $3,145,000 permanent loan on Benjamin O. Davis Veteran Village. The vision of RAD Conversion Specialists LLC, Communities of Hope, and Central City Health, to help end veteran homelessness, is outstanding and much needed in the community. We are very thankful to be a financing partner and looking forward to successful construction of the community."
The development will boast an array of fantastic unit amenities, such as walk-in closets, dishwashers, central air conditioning, intercoms, and self-cleaning ovens. Building amenities will include an interior camera system, administrative office, two 100-square-foot supportive service offices, an elevator, five units accessible to individuals with physical disabilities, a spacious 1,300 square foot accessible community room, a dining room, a kitchen, a resident lounge, a barber/beauty shop, an exercise room, and both an indoor bike rack and an outdoor patio. Construction for Benjamin O. Davis Veterans Village is already underway, with lease-up anticipated to occur by August 2025.
Keith Gloeckl, Chief Executive Officer of CSG, added, "The Benjamin O. Davis multifamily affordable housing complex is a much-needed facility serving veterans and homeless in the Detroit area. Churchill and our capital partners are pleased to be able to provide financing for this critical need of housing for veterans with long-term health needs. This project honors Benjamin O. Davis JR., who was commander of the World War II Tuskegee Airman and the first African American to become a general in the US Air Force."
For more information about CSG's multifamily finance programs and services, please contact Dan Duda, SVP and National Director of Originations and Acquisitions, at (727) 415-9556 or via email at [email protected].
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 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.
For more information, please visit http://www.CSGfirst.com.
Media Contact
Carter Daignault, Churchill Stateside Group, 7272330614, [email protected], CSGfirst.com
SOURCE Churchill Stateside Group
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