WC Smith has landed a $108.8 million refinancing for its Park Chelsea property in Washington, D.C.
Walker & Dunlop’s Brendan Coleman and Connor Locke arranged the financing, which was provided by Fannie Mae. According to Yardi Matrix data, Walker & Dunlop also previously originated a more than $119.3 million loan for the project in late 2016 that was set to mature in 2024.
WC Smith completed Park Chelsea in 2016. The property features studio, one- and two-bedroom units, ranging from 440 to 1,125 square feet. The units were built with granite countertops and stainless steel appliances, while select units have balconies, kitchen pantries, built-in bookshelves and desks, and washer and dryer units. Community amenities include a fitness center, sauna, game room, courtyard, garden room, conference room, bicycle repair station, library, dog run and rooftop catering kitchen, as well as community gardens, grilling stations, electric car charging stations and guest suites. According to Yardi Matrix data, the community is 96.5 percent occupied.
Located at 880 New Jersey Ave. SE, Park Chelsea is near many retail, restaurant and entertainment options in the Capitol Riverfront neighborhood. The community is located near the WMATA’s Navy Yard and Capitol South metro stations, with Interstate 695 nearby.
Park Chelsea is also one of three communities within The Collective, a 1,138-unit community with shared amenities. Its tenants are able to access to The Collective’s amenities, which include an amphitheater, basketball court, tennis court and coworking space. Walker & Dunlop arranged financing for all three phases of The Collective in 2016, which included Agora and The Garrett, for a combined total of $364.2 million in loans.
Building out D.C. neighborhoods
Beyond The Collective’s three communities, WC Smith’s portfolio has a total value of more than $1.7 billion that includes more than 10,000 rental, market and affordable units. The Washington, D.C.-based company has developed and acquired residential properties across the capital, including in the city’s Congress Heights, Logan Circle and Adams Morgan neighborhoods.
Last year, WC Smith landed $95 million in development financing for its 130-unit affordable housing project in Washington, D.C.’s Randle Heights neighborhood. The company also completed a 58-unit affordable community in the city’s Ward 8 section in December 2019. That project earned a LEED Gold certification.
