Churchill Stateside Group Secures $5.2M Bridge Loan for South Carolina Affordable Housing Project — Churchill Stateside Group, LLC

Event summary

Churchill Stateside Group closed a $5.2M equity bridge loan for Pickens Gardens, a 76-unit affordable housing community in Pickens, South Carolina.
The financing supports a 4% Low-Income Housing Tax Credit (LIHTC) transaction, with 100% of units offered to households earning up to 60% of Area Median Income (AMI).
Dan Duda, EVP and National Director of Originations & Acquisitions at CSG, highlighted the role of equity bridge financing in facilitating affordable housing development.
CSG manages over $6.5B in assets and provides financing solutions for affordable housing and commercial renewable energy industries.

The big picture

Churchill Stateside Group's $5.2M equity bridge loan for Pickens Gardens underscores the critical role of flexible financing in the affordable housing sector. With over $6.5B in assets under management, CSG is positioning itself as a key player in bridging the gap between construction and stabilization phases for affordable housing developments. This transaction highlights the growing need for innovative financing solutions in markets with strong demand for affordable family and senior housing.

What we're watching

Market Demand: How sustained demand for affordable housing in South Carolina will impact future financing opportunities for CSG.
Regulatory Environment: Whether changes in USDA Rural Development, HUD/FHA, or Ginnie Mae policies will affect affordable housing financing structures.
Execution Risk: The pace at which CSG can close similar bridge loans for other affordable housing projects nationwide.