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WC Smith Secures $183M Refinancing For NoMa, Capitol Riverfront Apartments

Christopher Smith WC Smith State of the Market
WC Smith CEO Chris Smith

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. 

CORRECTIONAPRIL 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.