Exact Capital, a leading national commercial real estate development firm, is making its first investment in South Carolina with the ground up development of a 100 percent affordable community in Columbia. Exact is partnering with Armada Development, a South Carolina based multifamily housing developer.
“This investment continues Exact Capital’s rapid expansion across the United States,” said Exact Capital Managing Partner, Craig Livingston.
Exact recently announced the ground up development of a 250-unit affordable housing development in Atlanta, Georgia, and the acquisition of an 850-unit, affordable housing community in Oklahoma City, Oklahoma.
In Columbia, Exact Capital will construct 240 units of affordable housing that will be named the Villages at Congaree Pointe located on a 14.9-acre site at 2701 Atlas Road.
The total capitalization of the development is approximately $51 million with construction financing provided by J.P. Morgan Chase and Low-Income Housing Tax Credits 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 The Villages at Congaree Pointe will be rented to residents with 60 percent or less of the Area Median Income,” said Mr. Livingston. “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,” said Mr. Livingston.
The community will be comprised of 10 three-story walk-up buildings with a total of 60 one bedrooms, 144 two bedrooms and 36 three bedrooms. Resident amenities at The Villages at Congaree Pointe will include a fitness center, a playground, splash pad, cabana with porch, a clubhouse with a lounge, clubroom, computer room and a common laundry room.
Armada Development President John M. Gantt, Jr. said “We are excited to partner with Exact Capital on this project and share the view that additional affordable units are needed in the Columbia community. Our team looks forward to offering best-in-class affordable housing to the area and its residents.”
“We are thrilled to partner with the teams at Exact Capital and Armada Development to bring much needed affordable housing to the city of Columbia. The joint commitment from Fannie Mae and Berkadia to create and preserve affordable housing enables us to support this development by providing a long-term, competitive Fannie Mae loan that will ensure that hundreds of families in the Columbia community have comfortable, affordable homes for many years to come” said Heather Olson, managing director at Berkadia.
Armada Development is a full-service, privately held residential housing development company that is based in Charleston, South Carolina. With over 150 combined years of residential development experience and strong alliances with non-profit community operators, Armada is uniquely positioned to improve the lives of low- and moderate-income working individuals, and families by creating attainable, lifestyle-oriented rental communities.
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. Exact is a leader in public/private partnerships that add value to neighborhoods through ground up construction and acquisitions that transform blighted structures, underutilized sites and other nonperforming real estate assets.
Exact’s primary focus is developing and preserving affordable housing throughout the United States in communities where its experience and expertise provide a strategic advantage in responding to the needs of the market. Exact is known for such landmark developments as the new Marriott Hotel and adjacent mixed income residential tower built above Harlem’s historic Victoria Theater. Exact Capital is a certified Minority Business Enterprise.