Exact Capital makes initial investment in development of 240 unit affordable residential community

Columbia, SC 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% affordable community. 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.  

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 Rd.  

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 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.

Armada Development president John 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.