Clearwater, FL (PRWEB) December 8, 2010 — The Churchill Companies and Stateside Capital, LLC announce the formation of Churchill Stateside Group (CSG). Churchill Stateside Group will serve the affordable housing industry by sponsoring tax credit investment funds for institutional investors and offering financing to developers of multifamily housing and renewable energy installations. Led by industry veterans, CSG’s leadership team has over 25 years of direct involvement in the development and syndication of more than $3 billion of federal tax credits and expertise in every aspect of multifamily finance.
CSG is actively raising equity for tax credit transactions and is pursuing lending opportunities and green building initiatives in which to invest on a national scale. CSG offers attractive capital structures for equity investments using flexible interim loan products and direct access to an array of debt financing solutions of The Churchill Companies, including pension funds, agency products and 538 USDA programs. CSG’s acquisition team is positioned to acquire high-quality tax credit properties with seasoned developers nationwide by leveraging its deep experience and longstanding relationships. CSG also plans to offer other tax credits such as, historic, state historic and energy credits based on investor demand.
Keith Gloeckl, founder of The Churchill Companies, headquartered in Clearwater, Florida, will lead CSG as its President and Chief Executive Officer. Mr. Gloeckl formed Churchill in 2005 and previously co-founded and served as President and COO of The Midland Companies from 1988 until 1999 when it was sold to MuniMae (NYSE:MMA). Mr. Gloeckl has over 25 years of experience in tax credit syndication, multifamily and energy finance. Mr. Gloeckl commented, “the combination of Stateside’s syndication platform with Churchill’s extensive history in the tax credit equity and debt markets is a logical progression to develop a stronger platform for both developer and investor clients.”
Stateside Capital, LLC, headquartered in Atlanta, Georgia, is the first and largest syndicator of state tax credits in Georgia, with approximately one-quarter billion dollars of credits syndicated and under management. Stateside serves more than 40 institutional clients and offers state tax credits and entertainment credits to high net-worth individuals through its affiliate, Stateside Securities, a registered broker-dealer. Richard Beacham, who brings over 32 years of securities industry experience to CSG, leads Stateside Capital and Stateside Securities. Prior to joining Stateside Capital, he served as Vice President of Investments at Legg Mason in Atlanta.
Christopher Martiner will lead CSG’s new developer originations group as Executive Vice President. “We are excited to bring increased knowledge and experience to developer clients while offering reliable returns to corporate investor partners through principled investment and reporting,” says Mr. Martiner. Mr. Martiner has originated and syndicated nearly $1 billion of tax credits since 1995. Previously, he founded CayCap Advisors, Inc., an origination and advisory firm for direct tax credit investors and developers, and was Senior Vice President of Acquisitions at Alliant Capital. Mr. Martiner also held tenure at Boston Capital, Raymond James and Ocwen Financial.
CSG’s Chief Financial Officer, Marcus Griffin, will be responsible for investor fund management, closing and investor reporting in addition to his CFO functions. Mr. Griffin has spent the last 17 years in the affordable housing industry and specializes in fund analysis, structuring and performance. His public accounting experience has included tax, audit and consulting in the affordable housing industry with Ernst & Young, Novogradac & Company and The Reznick Group.
Asset management functions will be led by industry veteran, Tom Vandegrift, as CSG’s Director of Asset Management. Mr. Vandegrift has more than 20 years of commercial real estate asset management experience, including directing asset management for tax credit syndicators. While with The Midland Companies, MMA Financial and Credit Suisse, Mr. Vandegrift managed total debt and equity investments exceeding $3.5 billion.
Devin Sanderson, CSG’s Senior Vice President, an experienced tax credit and multifamily specialist in both the debt and equity markets will have increased responsibilities in CSG’s fund management functions as well as overseeing the underwriting of various tax credit properties. Mr. Sanderson has been with The Churchill Companies since its inception and previously held positions at MMA Financial.
Churchill Stateside Group’s clients will immediately benefit from the combination of deeply experienced staff from both The Churchill Companies and Stateside Capital. In addition to its prominent leadership team and expanded product lines, CSG will have direct access to robust proprietary data on markets, construction costs and property operations for its use in transaction assessments. CGS will also benefit from the ability to facilitate oversight during the construction process to ensure timely tax credit delivery and the attainment of investment goals. CSG’s strategic partners, including The Reznick Group, will review its funds, and CSG will rely on trusted tax and legal advice from Nixon Peabody LLP and Arnall Golden Gregory LLP.
See related article CSG Joins List of Syndicators in Affordable Housing Finance Magazine