Exact Capital, a national commercial real estate development firm, has announced its first investment in South Carolina with the ground-up development of a 100% affordable community in Columbia. The firm is partnering with Armada Development, a South Carolina-based multifamily housing developer.
They will construct a 240-unit community named Villages at Congaree Pointe.
The total capitalization of the development is approximately $51 million, with construction financing provided by JPMorgan Chase and low-income housing tax credit equity from Stratford Capital Group and Monarch Private Capital. In addition to the initial capitalization, Berkadia arranged permanent financing in the form of a Fannie Mae municipal tax-exempt bond offering.
“Exact Capital is proud to participate in this public-private partnership that addresses the tremendous need for quality affordable housing in Columbia. The 240 units at Villages at Congaree Pointe will be rented to residents with 60% or less of the area median income,” said Craig Livingston, managing partner at Exact Capital. “Our investment in this development is consistent with Exact Capital’s commitment to create and preserve affordable housing that adds value to neighborhoods and strengthens the economic and social fabric of communities.”
The community will be comprised of 10 three-story walk-up buildings with 60 one-, 144 two-, and 36 three-bedroom units. Resident amenities will include a fitness center, a playground, a splash pad, a cabana with a porch, a clubhouse with a lounge, a clubroom, a computer room, and a common laundry room.
Exact Capital, based in New York, is a national diversified real estate development firm with more than three decades of experience in the acquisition, finance, development, and construction of mixed-use multifamily affordable residential and commercial real estate.