Churchill Stateside Group Provides $11 Million Construction Loan For Canal Crossing Senior Housing Project

The property asset involved in the transaction is a senior housing project located at 2640 Canal Street in New Orleans, LA. The project consists of 49 affordable housing units specifically designed for seniors, supporting households with income levels between 30% to 70% of the Area Median Income (AMI). The total loan amount secured for the construction is $11,000,000, facilitated through a tax-exempt structure.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $11,000,000
• Lender: Churchill Stateside Group
• Loan Type: Construction
• Market: New Orleans, LA
• Address: 2640 Canal Street
• Number of Units: 49
• Income Restriction: 30% to 70% of AMI

The construction loan was provided by Churchill Stateside Group, reflecting their involvement in the financial aspect of this redevelopment project. The project, Canal Crossing, is backed by the Low-Income Housing Tax Credit (LIHTC), underscoring the commitment to offering affordable housing solutions for seniors in the area.