Churchill Stateside Group, LLC

https://CSGfirst.com

Churchill Stateside Group, LLC (CSG) is a privately owned real estate financial services company headquartered in Clearwater, Florida. Established through the combination of The Churchill Companies and Stateside Capital in 2010, CSG's core mission is to deliver comprehensive debt and equity solutions across the affordable housing, commercial real estate, and renewable energy tax credit markets. The company also extends its services to the entertainment and film tax credit marketplaces, aiming to foster sustainable, affordable, and accessible communities.

CSG offers a diverse portfolio of financial products and services, including tax credit syndication for Low-Income Housing Tax Credits (LIHTC), Renewable Energy Investment Tax Credits (ITC), and Historic Tax Credits. They provide construction and permanent financing solutions, bond underwriting, and are an approved FHA/HUD MAP and LEAN lender, USDA Rural Development Section 538 lender, and Ginnie Mae Issuer. The company manages over $6 billion in assets, serving investors and developers in multifamily and commercial real estate, as well as renewable energy installations.

Led by CEO Keith J. Gloeckl, with Devin Sanderson serving as President and Chief Operating Officer since February 2025, CSG maintains a prominent market position. Recent activities include highlighting their HUD Section 223(f) loan program for multifamily properties in March 2026 and expanding their multifamily housing initiative with key hires and promotions in April 2025. In August 2023, CSG closed over $64 million in financing for two affordable housing developments in Raleigh, North Carolina, demonstrating its ongoing commitment to its core markets.

Latest updates

Churchill Stateside Group Bolsters Originations with Agency Lending Veteran

Event summary

  • Jeff Banker, with over 20 years of experience in real estate finance, has joined Churchill Stateside Group (CSG) as Vice President, Originations Officer.
  • Banker's expertise lies in market-rate and affordable housing, with significant experience across FHA/HUD, Fannie Mae, and USDA programs.
  • His role will focus on originating multifamily debt financing solutions and expanding relationships nationwide.
  • CSG manages over $6.5 billion in assets and provides construction, permanent, and bond financing solutions.

The big picture

CSG's hiring of Jeff Banker signals a strategic push to bolster its origination capabilities, particularly in the competitive affordable housing finance space. With $6.5 billion in AUM, CSG is a significant player, and this move suggests they are seeking to further capitalize on market demand for specialized financing solutions. The addition of a seasoned agency lending expert like Banker is a direct response to the ongoing need for affordable housing and the complexity of navigating associated financing programs.

What we're watching

Origination Growth
Banker's arrival suggests CSG intends to aggressively expand its origination pipeline, particularly within affordable housing, which could increase competition in that segment.
Agency Relationships
The depth of Banker's experience with FHA/HUD, Fannie Mae, and USDA programs will be critical; CSG's success will hinge on maintaining and leveraging those relationships to secure deals.
Execution Risk
Integrating Banker and his existing relationships into CSG's existing origination team will be a key execution risk, and any friction could slow the anticipated growth.

Churchill Stateside Group Finances $11.7M Vineland Gardens Rehab

Event summary

  • Churchill Stateside Group (CSG) provided an $11,699,000 rehabilitation loan through its subsidiary, Churchill Mortgage Construction LLC (CMC).
  • The loan supports the redevelopment of Vineland Gardens, a 76-unit affordable housing community in Vineland, New Jersey.
  • The project is structured as a 4% Low-Income Housing Tax Credit (LIHTC) redevelopment, targeting households earning up to 60% of Area Median Income (AMI).
  • The rehabilitation includes upgrades to building systems, unit interiors, and site improvements for a community originally built in 1972.

The big picture

This transaction underscores the continued demand for affordable housing rehabilitation and the role of specialized lenders like CSG in facilitating these projects. With $6.5 billion in assets under management, CSG’s ability to secure and execute these deals is a key driver of its revenue and demonstrates its focus on a niche market segment. The LIHTC structure highlights the dependence on government incentives and tax credits to make these projects financially viable.

What we're watching

LIHTC Dynamics
The reliance on 4% LIHTC credits suggests potential sensitivity to changes in credit market conditions and tax incentives, which could impact project viability and CSG's pipeline.
Partner Risk
Foresight Affordable Housing’s development experience will be crucial for successful execution; any operational challenges or financial distress at Foresight could impact the project and CSG’s reputation.
Competition
Given CSG’s stated position as a leader in affordable housing finance, monitoring the competitive landscape for similar rehabilitation financing opportunities will be important to assess CSG’s market share and pricing power.

Churchill Stateside Group Highlights HUD 223(f) Loan Program Amid Multifamily Financing Shifts

Event summary

  • Churchill Stateside Group (CSG) is promoting its HUD Section 223(f) loan program for multifamily property acquisition and refinancing.
  • CSG is an approved HUD MAP and LEAN lender, facilitating access to FHA-insured financing.
  • The program offers long-term, fixed-rate financing with attractive leverage and a non-recourse structure, up to 35-year terms.
  • CSG manages over $6 billion in assets and provides financing through various programs including FHA/HUD, USDA Rural Development, and tax credit programs.
  • Executive Vice President Dan Duda emphasized the program's reliability and efficiency in providing permanent capital for stabilized multifamily properties.

The big picture

CSG's emphasis on the HUD 223(f) program signals a continued focus on the multifamily sector, particularly affordable housing, which is facing increased demand and limited financing options. The program's fixed-rate nature provides stability in a volatile interest rate environment, but also exposes CSG to interest rate risk. With $6 billion in AUM, CSG's performance in this area will be a key indicator of its overall financial health and strategic positioning within the broader real estate finance market.

What we're watching

Regulatory Scrutiny
Increased scrutiny of HUD programs and lending practices could impact CSG's ability to originate 223(f) loans and potentially influence interest rates and leverage limits.
Interest Rate Volatility
Fluctuations in interest rates will directly affect the attractiveness of fixed-rate 223(f) loans, potentially impacting demand and CSG's origination volume.
Competition Dynamics
The competitive landscape for multifamily financing will determine CSG’s ability to maintain its market share and pricing power within the 223(f) program.

Churchill Stateside Group Finances $11.3M Peachtree City Affordable Housing Redevelopment

Event summary

  • Churchill Stateside Group (CSG) provided a $9 million construction loan and a $2.3 million forward permanent loan commitment for Wisdom Woods Apartments in Peachtree City, Georgia.
  • The project involves the rehabilitation of a 22-unit, 1984-built apartment complex designated as affordable family housing.
  • The financing utilizes a 9% Low Income Housing Tax Credit (LIHTC) redevelopment and a HUD Section 8 Housing Assistance Payments (HAP) contract.
  • Churchill Mortgage Construction LLC (CMC) provided the construction loan, while Churchill Mortgage Investment LLC (CMI) issued the permanent loan commitment.

The big picture

This deal underscores Churchill Stateside Group's continued focus on affordable housing finance, a sector facing increasing demand and regulatory complexity. With over $6 billion in assets under management, CSG's ability to provide coordinated construction and permanent financing positions them as a key player in preserving and expanding affordable housing stock. The forward commitment strategy highlights a willingness to take on interest rate risk in exchange for securing future business.

What we're watching

Regulatory Scrutiny
Increased scrutiny of LIHTC programs and HUD Section 8 contracts could impact the long-term viability of similar projects and financing structures.
Interest Rate Risk
The forward permanent loan commitment exposes CSG to interest rate risk, potentially impacting profitability if rates rise significantly between now and loan activation.
Sponsor Performance
The success of the redevelopment hinges on the sponsor's ability to manage construction costs and maintain the property's affordability, which could be affected by supply chain issues or labor shortages.

Churchill Stateside Group Bolsters Affordable Housing Lending with Veteran Hire

Event summary

  • Churchill Stateside Group (CSG) appointed Brad Tucker as Vice President, Originations Officer, effective March 11, 2026.
  • Tucker brings over 21 years of experience in real estate finance, specializing in multifamily and senior housing.
  • His expertise spans FHA/HUD, Fannie Mae, Freddie Mac, and USDA loan programs.
  • CSG manages over $6 billion in assets and provides financing solutions for affordable housing and renewable energy projects.
  • Tucker’s role will focus on expanding CSG’s production platform across various lending programs.

The big picture

CSG’s strategic move to onboard Tucker signals a continued focus on expanding its affordable housing finance platform. With over $6 billion in assets under management, CSG is a significant player in this niche, and Tucker’s experience will be crucial in navigating the increasingly complex regulatory and financial environment. This hire suggests CSG anticipates continued demand for affordable housing financing despite broader economic uncertainties.

What we're watching

Production Growth
The success of Tucker’s appointment hinges on his ability to meaningfully expand CSG’s origination volume across its diverse lending programs, particularly given the competitive landscape.
Regulatory Shifts
Changes in FHA/HUD and USDA lending guidelines could significantly impact CSG’s ability to originate affordable housing loans, requiring Tucker to adapt quickly.
Capital Stack Complexity
Tucker’s stated ability to navigate complex capital stacks will be tested as interest rates and financing costs continue to fluctuate, potentially impacting deal feasibility.

Churchill Stateside Secures $15.1M Financing for Houston Senior Housing Project

Event summary

  • Churchill Stateside Group (CSG) closed a $5.615 million FHA/HUD 221(d)(4) construction loan and a $9.500 million equity bridge loan.
  • The financing supports 'Retreat at Esther,' a 103-unit senior affordable housing community in Houston, Texas.
  • The development includes 77 one-bedroom and 26 two-bedroom units, all subject to 9% Low-Income Housing Tax Credit (LIHTC) restrictions.
  • The project targets seniors aged 62+ with income levels at or below 30%, 50%, and 60% of Area Median Income (AMI).

The big picture

This deal underscores the continued demand for senior affordable housing, particularly in high-growth markets like Houston. CSG’s ability to combine FHA/HUD financing with an equity bridge loan highlights a complex capital-stack strategy increasingly common in the sector. With over $6 billion in assets under management, CSG’s success hinges on navigating regulatory complexities and maintaining strong investor relationships in a competitive landscape.

What we're watching

Regulatory Scrutiny
Increased focus on affordable housing initiatives may lead to stricter HUD oversight and potentially impact future loan approvals, requiring CSG to maintain impeccable compliance.
Interest Rate Risk
The equity bridge loan's performance will be sensitive to interest rate fluctuations, potentially impacting project profitability and CSG's ability to refinance.
Tax Credit Dynamics
The reliance on LIHTC suggests sensitivity to changes in tax policy; shifts in federal or state tax incentives could affect the long-term viability of similar projects.

Churchill Stateside Group Expands 4% LIHTC Financing Platform

Event summary

  • Churchill Stateside Group (CSG) is promoting its Private Tax-Exempt Loan (P-TEL) financing platform for 4% Low-Income Housing Tax Credit (LIHTC) developments.
  • P-TEL offers a construction-to-permanent debt solution with tax-exempt interest rates and long-term, fixed-rate financing.
  • The platform provides a streamlined, single-source financing structure from construction through stabilization.
  • CSG manages over $6.5 billion in assets and has experience in LIHTC, tax-exempt bonds, and construction-to-permanent execution.

The big picture

CSG's P-TEL platform addresses a critical need in the affordable housing sector: bridging the financing gap for 4% LIHTC developments. The program's appeal lies in its combination of tax-exempt rates and long-term fixed financing, offering developers greater certainty in a volatile interest rate environment. With $6.5 billion in AUM, CSG’s expansion of this platform signals a strategic focus on leveraging its expertise in affordable housing finance to capture a larger share of a market facing increasing demand and regulatory complexity.

What we're watching

Market Demand
Increased developer interest in P-TEL financing will likely depend on the continued availability of tax-exempt bonds and the overall cost of capital, which remains sensitive to interest rate fluctuations.
Regulatory Risk
Changes to LIHTC regulations or tax-exempt bond policies could significantly impact the viability and attractiveness of the P-TEL program.
Execution Risk
CSG’s ability to consistently deliver on the promised streamlined process and fixed-rate lockouts will be crucial for maintaining developer relationships and expanding the platform’s reach.

Churchill Stateside Secures $1.43M USDA Loan for North Carolina Senior Housing

Event summary

  • Churchill Stateside Group (CSG) closed a $1.43 million USDA Rural Development (RD) Section 538 permanent loan.
  • The loan finances The Covenant Senior Housing, a 68-unit senior apartment community in Castle Hayne, North Carolina.
  • The community provides income-restricted housing, with 17 units at 30% AMI, 11 at 50% AMI, and 40 at 60% AMI.
  • CSG has over $6 billion in assets under management and specializes in affordable housing finance.

The big picture

This transaction highlights the ongoing need for affordable senior housing in rural areas and the crucial role of government-backed financing programs like USDA-RD in facilitating development. CSG's expertise in navigating these programs positions them as a key player in the affordable housing sector, but also exposes them to potential regulatory and funding risks. The $1.43 million deal, while significant, represents a small fraction of CSG's $6 billion AUM, indicating a continued need for deal sourcing and expansion.

What we're watching

Regulatory Landscape
Continued reliance on USDA-RD programs suggests sensitivity to shifts in federal funding priorities and policy changes impacting rural development initiatives.
Demand Dynamics
The success of The Covenant Senior Housing will hinge on accurately gauging and meeting the ongoing demand for affordable senior housing in rural North Carolina, which may be influenced by demographic trends and economic conditions.
Competition
CSG's position as a 'national leader' implies a competitive landscape; monitoring their deal flow and market share will be crucial to assess their long-term growth trajectory.

Churchill Stateside Secures $14M FHA Loan for Augusta Affordable Housing

Event summary

  • Churchill Stateside Group (CSG) closed a $14 million FHA/HUD 223(f) permanent loan for Lakeview Terrace Apartments in Augusta, Georgia.
  • The project, a 200-unit family apartment community, also received 4% Federal and Georgia State Low Income Housing Tax Credits.
  • The loan supports affordability, restricting units to households earning up to 60% of the Area Median Income (AMI).
  • CSG manages over $6 billion in assets and specializes in affordable housing finance through various government programs.

The big picture

This transaction highlights the ongoing demand for affordable housing and the crucial role of government-backed financing in facilitating its development. CSG’s expertise in navigating complex HUD programs positions them as a key player in this market, but also exposes them to regulatory and competitive pressures. The $14 million deal is a relatively small portion of CSG’s $6 billion AUM, but demonstrates their continued focus on this niche.

What we're watching

Regulatory Headwinds
Continued shifts in HUD lending guidelines could impact CSG’s ability to originate similar loans, requiring adaptation of their financing strategies.
Execution Risk
The success of Lakeview Terrace’s stabilization and long-term affordability will be a key indicator of CSG’s ability to manage projects funded through this financing structure.
Competition Dynamics
Increased competition for FHA/HUD 223(f) loans, particularly in the affordable housing sector, may compress CSG’s margins and necessitate a focus on operational efficiency.
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