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WC Smith, one of DC's most active developers, has just signed a deal for a major refinancing of two of its biggest new projects, Park Chelsea and 2M Street.
Walker & Dunlop secured the $183M package of Fannie Mae and Department of Housing and Urban Development loans. The two buildings — Park Chelsea in Capitol Riverfront and 2 M St. NE in NoMA — are LEED certified (Silver and Gold, respectively), and the loans were through Fannie's green certification program. WC Smith refinanced Park Chelsea for $119.3M and 2 M Street for $63.8M.
The 314-unit 2M Street opened in September 2014 after WC Smith won the rights to develop the DC-owned site. The building is 99% leased and 93 of the units are affordable, including units in the Section 8 housing program. It also boasts one of the more distinctive amenities packages in the DC area, with an indoor basketball court and a resident English bulldog, Emmy.
Park Chelsea opened in early 2016 at 880 New Jersey Ave. SE, the first in the three-building, 1,100-plus-unit development dubbed The Collective. It has 429 units and is already 75% leased. It won the Delta Associates' award for best lease-up pace in DC in 2016.
Walker & Dunlop managing directors Brendan Coleman, Keith Melton and David Strange led the financing arrangement.
CORRECTION, APRIL 11, 10 A.M.: Park Chelsea is a 429-unit apartment building in The Collective, a three-phase apartment project with more than 1,100 units planned. A previous version of this story misstated the unit count. This story has been updated.
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