Exact Capital JV to Build Columbia Affordable Community

The development will cater to individuals earning 60 percent or less of the area median income.

The Villages at Congaree Pointe. Image courtesy of Exact Capital

New York City-based Exact Capital has entered the South Carolina affordable housing market. The firm partnered with Armada Development for the construction of The Villages at Congaree Pointe, a 240-unit affordable community in Columbia.

Upon completion, The Villages at Congaree Pointe will comprise 10 three-story buildings with one-, two- and three-bedroom apartments. All units will cater to individuals earning 60 percent or less of the area’s median income, Exact Capital Managing Partner Craig Livingston said in prepared remarks. Common-area amenities are slated to include a fitness center, playground, splash pad, cabana and computer room, among others.

Located on a 14.9-acre site at 2701 Atlas Road, the community will be some 6 miles southeast of downtown Columbia. A Walmart Supercenter is 3 miles northeast of the property, while Interstate 77 is 2 miles north.

Public-private partnership

The development partners received roughly $51 million in capitalization for the project, from a variety of public and private sources. The South Carolina State Housing Finance and Development Authority issued Series A and B bonds totaling nearly $27.9 million, according to Yardi Matrix information.

JPMorgan Chase provided construction financing, while Stratford Capital Group and Monarch Private Capital contributed with low-income housing tax credits. Additional financing came from Berkadia through a Fannie Mae Municipal Tax-Exempt Bond offering.

Exact Capital has been very active in recent months. Earlier in April, the firm secured $167.5 million in construction financing for the ground-up development of Victoria Tower, a 26-story building in Harlem, N.Y., in a joint venture with Lam Group. Another 250 units of affordable housing will be developed in Atlanta, part of a larger multi-phase public-private partnership investment.

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