Affordable Housing Developer Makes Foray Into South Carolina With New Apartments

A rendering depicts the Villages at Congaree Pointe, planned for Columbia, South Carolina. (Exact Capital Group)

Affordable Housing Developer Makes Foray Into South Carolina With New Apartments

Exact Capital Group Partners With Charleston Firm on Project in the State’s Capital

A New York developer specializing in building affordable housing is making its foray into South Carolina with a development in the state’s capital.

Exact Capital Group announced it is partnering with Charleston, South Carolina-based Armada Development, also an affordable housing developer, to build a 240-unit apartment project in Columbia.

The $51 million development named Villages at Congaree Pointe will target renters earning 60% or less of the area’s median income. According to U.S. Census Bureau data, the area’s median income is $47,416, putting the annual income of those renters at more than $28,000.

Construction financing is being funded by JPMorgan Chase and low-income housing tax credits from Massachusetts-based Stratford Capital Group and Monarch Private Capital in New York. Commercial real estate lender Berkadia, also based in New York, has arranged permanent financing through a Fannie Mae municipal tax-exempt bond, Exact Capital said.

Last October, TruFund Financial Services made an equity investment in Exact Capital. It was the fourth investment through TruFund’s “impact developers fund” that was launched with Morgan Stanley and the Ford Foundation to invest in emerging real estate developers, particularly those led by women and people of color. Exact Capital is a majority Black-owned company.

“Ensuring racial equity by providing access to capital is essential and a key mission objective of the fund,” James Bason, TruFund’s CEO, said in a statement at the time. “Our preferred equity investment will enhance Exact Capital’s organizational growth trajectory and allow it to readily and actively pursue affordable housing and other economic development opportunities in underserved communities.”

In February, Exact Capital announced a development along Atlanta’s BeltLine trail in a neighborhood named Peoplestown. Like the Columbia development, the Atlanta project’s 250 units will target renters earning 60% of the median income.

Exact Capital earlier in April bought the 850-unit Isola Bella apartments, now named The Alora, in Oklahoma City for $56 million. It plans to renovate the units and maintain them as affordable units.

Exact Capital is a vertically integrated real estate development firm with over 30 years of experience in acquisitions, financing, and development across the United States.

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Raul Castro ESQ

Counsel Fund Development
Raul is a seasoned attorney with extensive experience in both Big Law and in-house counsel roles, providing legal advisory services to Exact Capital. He specializes in advising broker-dealers and registered investment advisors on a broad range of regulatory, compliance, and securities law matters

Kevin J Ollie

Director - Business Development, Board Member. Kevin
joins Exact Capital as a distinguished member of the business development team, bringing over three decades of leadership , expertise and wealth of experience from his distinguished 25 career in professional basketball and coaching. Kevin’s commitment to excellence and his ability to foster strong relationships have been evident throughout his career. His experience in high-pressure environments and his proven track record of success make him an asset to Exact Capital as we continue to expand and innovate in the industry.

Lamar D. Williams,

Managing Director - Co-Partner Fund
Lamar brings over 25 years of financial sector expertise to Schulman Lobel CPA LLP. His distinguished career includes roles such as Managing Director at Cherry B Holland CPA, LLP, and Managing Partner of Sports and Entertainment at Berenfeld, Spritzer, Schecter, and Sheer CPA. In his current role, Williams focuses on acquiring GP and LP capital, leveraging his deep knowledge in business management, tax strategy, and cost segregation.

Renee Franco,

VP of Asset Management
With over 30 years in the multifamily industry, Renee Franco specializes in asset management, covering development, renovation, and lease-ups. Holding a Master’s in Business Management, she is a Certified Apartment Manager (CAM) and holds several industry certifications. As President of the Tennessee Association of Affordable Housing, Renee advocates for affordable housing policies and initiatives.

Brett Jureller

Director of Development - Design and Construction
Brett leads design and construction for Exact Capital, handling pre-construction, budgeting, and project management. Specializing in multifamily and mixed-use development, he has overseen projects totaling over $1 billion. Brett’s experience includes roles at Cape Advisors and JDS Development, and Turner Construction. He holds a Bachelor’s from Bucknell University and a Master’s in Real Estate Development from New York University.

Michael Callaghan,

Partner at Exact Capital
Michael Callaghan, Partner at Exact Capital Michael, as Partner, directs development, property management, and construction at Exact Capital. He manages real estate development across various asset classes, focusing on sourcing, negotiation, and financing. Michael plays a key role in building relationships with governmental agencies, banks, and community groups, essential for the firm’s development success.

Jack Heaney

Director of Real Estate Development
Jack oversees Exact Capital’s development pipeline, managing due diligence, feasibility, financing, and marketing. With over a decade in real estate development, previously he founded Fulcrum Properties and Architecture, focusing on sustainable mixed-use and affordable housing. An executive advisory member of the Urban Land Institute, Jack holds a Bachelor’s in Architecture and a Master’s in Real Estate Development from Columbia University.

Craig Livingston

Managing Partner, Exact Capital
Craig Livingston serves as the Managing Partner of Exact Capital, where he oversees the firm’s development activities, including structuring, negotiating, financing, and managing real estate ventures. With extensive experience in the industry, Mr. Livingston has advised, structured, and executed financing for numerous transactions within the firm’s real estate portfolio, totaling over $1.5 billion across multifamily, retail, and hospitality assets. As Chair of Exact Capital’s Investment Committee, he has spearheaded the firm’s regional expansion beyond New York, identifying strategic opportunities in emerging markets. Beyond his leadership at Exact Capital, Mr. Livingston is deeply involved in the real estate community. He serves as Board Chair of the New York Real Estate Chamber (NYREC), a consortium of diverse real estate developers throughout New York City and State. Mr. Livingston holds a Bachelor’s degree from the University of Connecticut and earned his MBA from Columbia Business School. He began his career at Booz Allen before moving into the financial sector at Goldman Sachs.