Churchill Stateside Group

What Churchill Stateside Group does

Churchill Stateside Group, LLC is a privately held real estate financial services company founded in 2005 and headquartered in Clearwater, Florida. The firm serves developers and owners of affordable housing, multifamily, renewable energy, and healthcare real estate by originating government-backed mortgage loans, underwriting tax-exempt municipal bonds, and sponsoring tax credit equity investment funds. Operations are conducted through three core subsidiaries: Churchill Mortgage Investment LLC (an approved USDA Section 538, HUD/FHA MAP and LEAN lender, and Ginnie Mae Issuer), Churchill Mortgage Construction LLC (construction and rehabilitation lending), and Churchill Stateside Securities, LLC (a FINRA/SIPC/MSRB-registered broker-dealer underwriting municipal bonds for 4% LIHTC projects).

The company's core product set spans FHA/HUD multifamily loans (Section 221(d)(4) for new construction and substantial rehabilitation, Section 223(f) for acquisition/refinance), FHA/HUD Section 232 healthcare facility loans under the LEAN program, USDA Rural Development Section 538 guaranteed loans for rural rental housing, municipal bond underwriting for 4% Low-Income Housing Tax Credit (LIHTC) developments, tax credit equity investment funds covering LIHTC, Historic Rehabilitation, and Renewable Energy Tax Credits, and proprietary offerings such as the Private Tax-Exempt Loan (P-TEL) construction-to-permanent structure and Equity Bridge Loans. Underlying technology is a financial services origination and servicing platform — not a software product — that integrates lending, securities underwriting, and fund management workflows.

CSG makes money through professional services fees on loan origination and servicing, underwriting fees on bond placements, and management and performance fees on tax credit equity funds. The business is sales-led, distributed through regional origination officers in Clearwater (HQ), Carlsbad, Chicago, Providence, and Maryland, targeting enterprise developers and institutional tax credit investors. The company reports over $6 billion in assets under management as of February 2026 (up from $1B in 2017 and $3B in 2022) and has repeatedly closed the largest USDA-RD 538 loans in U.S. program history, including the $53.875M Preserve at Hanover Park transaction in July 2024. CSG also financed over $225 million of solar energy across 91.587 MW DC in North Carolina through its Solar Tax Credit Fund IX. The firm is a member of the National Housing & Rehabilitation Association, Council for Affordable Rural Housing, Mortgage Bankers Association, and Rural Multifamily Lenders Council.

Name

Churchill Stateside Group

Legal name

Churchill Stateside Group, LLC

Website

https://csgfirst.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

51–100 employees

Short description

Churchill Stateside Group is a Clearwater, Florida-based real estate financial services firm founded in 2005 that originates FHA/HUD, USDA, and tax credit equity financing for affordable housing, multifamily, renewable energy, and healthcare developers, with over $6 billion in assets under management.

Ownership category

akta.pro rank

Product category

Affordable Housing Finance

NAICS

Mortgage and Nonmortgage Loan Brokers (52231), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Mortgage Bankers & Loan Correspondents (6162), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Public Mortgage Insurance & Government Credit Guarantee Programs (FSALAKAD)

Keywords

• Affordable housing financing
• Multifamily lending
• Tax credit equity
• Bond underwriting
• USDA rural lending

Headquarters

HQ city

Clearwater

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Loan Origination and Servicing: CSG originates and services multifamily loans through its Churchill Mortgage Investment LLC subsidiary, providing construction loans, permanent loans, and bridge financing for affordable housing and multifamily properties.
2. Bond Underwriting: Churchill Stateside Securities (CSS) underwrites municipal tax-exempt bonds for 4% LIHTC projects, generating underwriting fees from bond issuance activities.
3. Tax Credit Equity Investment: CSG sponsors tax credit equity investment funds for Low Income Housing Tax Credits (LIHTC), Historic Rehabilitation Tax Credits, and Renewable Energy Tax Credits, generating returns through equity investments and fund management fees.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Churchill Stateside Group is a real estate financial services company that originates and services debt and provides equity capital for affordable housing, multifamily, renewable energy, and healthcare facility projects. Through subsidiaries Churchill Mortgage Investment LLC and Churchill Stateside Securities (CSS), CSG delivers FHA/HUD MAP and LEAN lending, USDA Rural Development Section 538 loans, tax-exempt bond underwriting for 4% LIHTC transactions, tax credit equity investments, and bridge/permanent financing solutions.

Product overview

Churchill Stateside Group (CSG) is a real estate financial services company offering a comprehensive suite of debt and equity financing solutions for affordable housing, multifamily, renewable energy, and healthcare real estate. The company operates through its subsidiaries including Churchill Mortgage Investment LLC and Churchill Stateside Securities. Core products include FHA/HUD multifamily and healthcare lending programs (MAP/LEAN), USDA Rural Development Section 538 loans, bond underwriting services for 4% LIHTC transactions, and a proprietary Private Tax-Exempt Loan (P-TEL) program. CSG also provides tax credit equity investment services spanning Low Income Housing Tax Credits, Renewable Energy Tax Credits, and Historic Rehabilitation Tax Credits. Additional financing products include equity bridge loans, forward permanent loan commitments, and construction-to-permanent loan structures.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Largest USDA-RD 538 loan in U.S. history at $53.8M for Preserve at Hanover Park
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered major, supporting and core.

• The NHP FoundationmajorStrategic or Co-development Partner · 18 June 2026Partner on Trinity East Village Senior 90-unit affordable housing development for seniors in Houston's Third Ward.
• Robinson & Cole LLPsupportingImplementation/ SI/ Consulting PartnerUnderwriter's counsel providing trusted legal counsel to Churchill Stateside Securities in structuring and underwriting municipal bonds. Brings expertise in taxable FHA, Rural Development, and tax-exempt loan programs.
• Piedmont Private EquitycoreStrategic or Co-development PartnerDevelopment partner on Preserve at Hanover Park - the largest USDA-RD 538 loan in U.S. history ($53.8M). Regular development partner on workforce housing projects.
• Portage Real EstatecoreStrategic or Co-development PartnerDevelopment partner on Preserve at Hanover Park. Regular development partner on workforce housing projects in the Southeast US.
• Foresight Affordable Housing, Inc.coreStrategic or Co-development PartnerDevelopment partner on Vineland Gardens 76-unit affordable family housing community in Vineland, New Jersey.
• CAHEC Properties CorporationcoreStrategic or Co-development PartnerOwner of 13-property rural apartment portfolio in Georgia receiving $11.075M USDA-RD Section 538 loans and $15.5M equity bridge loan.
• Partner Engineering and Science, Inc.supportingImplementation/ SI/ Consulting PartnerIndustry partner providing FHA due diligence services including Architectural and Engineering, Cost Review, Property Needs Assessments, and energy efficiency consulting for HUD MAP program transactions.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• JLL Capital Markets: Global commercial real estate services firm with multifamily and affordable housing debt origination, investment sales, and capital markets advisory. Competes with CSG on FHA/HUD originations but as part of a much broader platform.
• Cushman & Wakefield: Global CRE services platform with multifamily debt origination and capital markets advisory capabilities. Provides FHA/HUD financing similar to CSG but as one product within an extensive service offering.

Direct peers

• Boston Financial Investment Management: LIHTC syndicator and affordable housing investment manager with affiliated debt origination. Comparable in tax credit equity fund management activities overlapping with CSG's tax equity sponsor role.
• R4 Capital: Specialty affordable housing finance firm providing FHA/HUD debt and LIHTC equity syndications. Direct overlap with CSG's tax credit equity fund and HUD multifamily lending activities.
• Berkadia: Joint venture between Berkshire Hathaway and Leucadia providing multifamily and affordable housing mortgage banking, investment sales, and servicing. Direct peer in FHA/HUD multifamily lending and loan servicing.
• Affinius Capital (formerly Red Capital Group): Real estate investment and finance firm with deep affordable housing focus across FHA lending, LIHTC syndication, and fund management. Direct comparable to CSG's integrated debt + tax credit equity platform.
• Walker & Dunlop: Public multifamily and affordable housing mortgage lender, Ginnie Mae Issuer, and Fannie/Freddie seller-servicer. Directly comparable to CSG's FHA/HUD MAP and USDA lending platform but at substantially larger scale with public-market capital access.
• Hunt Mortgage Group: Privately held commercial real estate finance company providing FHA, Fannie Mae, Freddie Mac, and USDA financing for multifamily and affordable housing. Comparable product mix and target developer base as CSG.
• Greystone: Private CRE finance company offering FHA, USDA, bridge, and affordable housing lending with affiliated servicing and investment management. Closest private competitor to CSG in terms of product breadth (FHA MAP, USDA, bridge, LIHTC) and target customer base.

Emerging players

• National Equity Fund (NEF): National LIHTC syndicator and affordable housing finance nonprofit. Comparable in tax credit equity syndication activities that complement CSG's equity fund offerings, though focused primarily on syndication rather than direct lending.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/csgfirst

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Churchill Stateside Group