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.
Source: multihousingnews.com
