Churchill Stateside Group Secures $11.7M Loan for Vineland Gardens Affordable Housing Rehab

Vineland Gardens, a 76-unit affordable housing complex near 6th and Catherine Streets that has housed income-qualified families since 1972, is headed for its most significant overhaul in decades after Churchill Stateside Group closed an $11,699,000 rehabilitation loan for the property.

Churchill Stateside Group, a real estate and renewable energy financial services company, closed the $11,699,000 rehabilitation loan for Vineland Gardens, a 76-unit affordable family housing community located in Vineland, NJ. The construction loan was provided through CSG subsidiary Churchill Mortgage Construction LLC.

The financing supports the substantial, property-wide rehabilitation of the existing apartment community, originally constructed in 1972. Vineland Gardens consists of four two-story residential buildings serving income-qualified families, with 100% of the units restricted to households earning up to 60% of Area Median Income.

The rehabilitation is being completed as part of a 4% Low-Income Housing Tax Credit redevelopment, and includes comprehensive upgrades to building systems, unit interiors, and site improvements. The 4% LIHTC structure typically pairs tax credit equity with tax-exempt bond financing, making it one of the primary federal tools for preserving existing affordable housing stock without displacing current residents.

The project is being executed in partnership with Foresight Affordable Housing, Inc. as the development team. A statement from CSG described the scope and the collaboration: "Vineland Gardens represents a significant rehabilitation effort that will enhance the quality and longevity of an existing affordable housing community. Our team worked closely with the development team, Foresight Affordable Housing, Inc., to structure the rehabilitation financing needed to successfully execute the redevelopment. Foresight Affordable Housing, Inc brings a tremendous amount of development experience and we are proud to work with such a great development partner."

Keith Gloeckl, Chief Executive Officer of CSG, added: "This closing highlights CSG's ability to deliver construction financing solutions for affordable housing developments. We take pride in helping our clients move projects like Vineland Gardens forward efficiently while continuing to serve residents and communities."

For Vineland, where affordable housing demand has long outpaced supply, the rehabilitation preserves 76 units that might otherwise deteriorate beyond viability. Data shows there are a total of 1,339 affordable units in Vineland, meaning Vineland Gardens represents a meaningful share of that inventory. Keeping those units habitable and compliant under a renewed LIHTC covenant locks in their affordability for years beyond the current loan closing.

The timeline and phasing of construction work, including whether current residents will remain on-site during rehabilitation, have not yet been announced publicly by CSG or Foresight Affordable Housing.