ORLANDO—A unique CUSO announced approximately five years ago to offer sale-leaseback services to credit unions as a means of tapping building equity to build capital now had two-dozen CU investors and now owns 13 credit union properties.
Mitchell Amsler, CEO of CU Capital Management, noted the company is “100% owned by credit unions that are your landlord,” and he told the NACUSO Reimagine 2026 meeting that the real estate-focused CUSO model he has helped develop is designed to keep value within the credit union system while unlocking capital for growth.
Amsler said the concept, which began taking shape roughly six years ago, was rooted in a desire to prevent outside investors from extracting value from credit unions.
“When we started, it was about preserving the benefits of these transactions within the credit union industry, rather than allowing outside parties to take advantage of them,” Amsler said.
The Leap of Faith
He said the CUSO structure has attracted credit unions willing to invest for both financial return and broader industry impact.
“We’re thankful for those who took a leap of faith and recognized they could earn a stable return while also strengthening the credit union system,” Amsler said. “Importantly, it also allows us to support credit unions in a meaningful way.”
According to Amsler, the CUSO now has 24 credit union owners and is seeking additional investors as deal flow increases.
“We have a strong and growing pipeline,” he said. “To sustain that momentum, we need to continue bringing in investors and owners to ensure we can keep this activity within the credit union industry.”
Seven CUs Have Been Sellers
On the transaction side, Amsler said seven credit unions have sold their properties to the CUSO and leased them back, with the organization now owning 13 properties.
He emphasized that the sale-leaseback structure can provide significant financial flexibility for participating institutions. “In many cases, these credit unions have owned their real estate for five, 10, 15 years—one for nearly 40 years,” Amsler said. “By selling at market value, they can realize that equity as capital, improving their net worth ratio and giving them transformational flexibility.”
Amsler described the model as a “turnkey” approach for credit unions seeking to unlock capital tied up in real estate.
The Financials
Amsler said $117.8- million has been invested in the CUSO, and that it has made $12.1 million in aggregate distributions that are paid out quarterly to date. $117.8 aggregate funds invested in CUSO. He said loans made by the CUSO are among the best that can be made as they have reasonable LTVs and are backed by real estate at well-capitalized credit unions.
