$62M apartment complex to be built in Columbia

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A national multi-family commercial real estate construction financing firm has secured financing to build an apartment complex in Columbia.

Walker & Dunlop has arranged $62 million in equity and debt construction financing for Burnside Farms Apartments, a new multifamily property to be developed in Columbia, according to a news release.

Walker & Dunlop’s capital markets team led by Jamie Butler, Cliff Ayers, Michael Bowles and Jason McFadden arranged the financing on behalf of clients South Coast Property Investments and Abacus Capital, the release stated.

“We are excited to see this project bring more housing to an area of Columbia that has seen a spike in demand stemming from recent job announcements within nearby Pineview Industrial Park as well as the new Scout manufacturing facility that will bring an estimated 4,000 new jobs just up the road,” Ayers said in the release.

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Burnside Farms Apartments will break ground in June 2024 and offer a mix of 308 affordable and market-rate units situated within the larger master-planned Burnside Farms community, the release stated.

The property will be located at the intersection of Cliff Kinder and Pineview roads.

The development provides immediate access to Garners Ferry Road, as well as a short drive to major interstates like I-77, I-26 and I-20, according to the release.