Newtown Square, PA-based Balfour Beatty previously commenced a US Army contract in August to provide property management and maintenance services and will own and manage the military base housing inventory, collecting management and development fees. The company has contracts for similar projects at 42 other military installations nationwide, covering all branches of service.

Bruce Robinson, president and CEO of Balfour Beatty, says securing the financing allows it to start implementing its Fort Jackson plans immediately and is especially important in the face of current volatility in the financial markets. The company is working with two Atlanta-based firms: Niles Bolton and Associates, an architectural and engineering firm, and Balfour Beatty Construction, which is providing construction services.

The contract at Fort Jackson is authorized under the federal Military Housing Privatization Act, which was passed by Congress in 1996 and allows private-sector firms to upgrade and maintain base housing. The real estate assets are typically leveraged with private investment to meet building and renovation goals in less time and at a lower cost than military construction.