Walker & Dunlop Provides $108 Million Loan For Luxury D.C. Apartment Developed By WC Smith

Rhea-AI Summary

Walker & Dunlop provided $108.8 million in financing for Park Chelsea, a 429-unit apartment building in Washington, D.C. Park Chelsea is owned by WC Smith and is part of The Collective, a 1,138-unit apartment community. Walker & Dunlop also provided financing for the first three phases of The Collective in 2016 for a combined $364.2 million.

BETHESDA, Md.--(BUSINESS WIRE)-- Walker & Dunlop, Inc. announced today that it provided $108.8 million in financing for Park Chelsea, a premium 429-unit apartment building in Washington, D.C.

Park Chelsea (Photo: Business Wire)

The Walker & Dunlop multifamily finance team was led by Brendan Coleman and Connor Locke. Park Chelsea is owned by WC Smith, a Fannie Mae priority borrower and longstanding Walker & Dunlop client. WCS developed Park Chelsea as the first phase of The Collective, a 1,138-unit apartment community with unrivaled amenities located in the Capitol Riverfront Neighborhood in Washington, D.C. Walker & Dunlop also provided financing for the first three phases of The Collective in 2016 for a combined $364.2 million.

“WC Smith is a valued client that has built a spectacular reputation over many decades as a multifamily investor, developer, and operator,” said Coleman, senior managing director of Multifamily Finance at Walker & Dunlop. “Built in 2016, Park Chelsea is an extremely valuable property in WCS’s exceptional portfolio. It is in excellent condition and will no doubt continue to offer a high-quality home for its residents for years to come.”

Park Chelsea’s high-end amenities include a leasing center, 24-hour concierge, club room/game room, library, conference room, garden room and more. Additionally, residents of The Collective have access to amenities across all three phases of the project, including indoor green space with an amphitheater, a full-size basketball court, an outdoor singles tennis court, and a co-working space.

“We could not be more thrilled for another fantastic execution from Walker & Dunlop,” said Chris Smith of WC Smith. “The Coleman team drove a competitive process culminating in an expedited approval to allow rate lock within 24 hours of application. This was a highly sensitive refinance where their proactive and clear direction made all the difference in this challenging capital markets environment.”

Park Chelsea is located in the Capitol Riverfront Neighborhood in Washington, D.C. It is within walking distance of numerous shops, services, and entertainment venues and conveniently positioned near I-695, which connects to I-95, a highway that serves as a north/south corridor for the east coast.

Walker & Dunlop is a leader in multifamily property sales, having completed $19.7 billion in property sales volume in 2022 alone. The firm is also one of the top providers of capital to the U.S. multifamily market; in 2022, the firm originated nearly $44 billion in debt financing volume, including lending over $36 billion for multifamily properties. To learn more about our capabilities and financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

Upcoming Walker & Dunlop Events

Zelman & Associates 2023 Virtual Housing Summit (September 18-21) is universally deemed the premier housing-related conference in the industry. Hear thought-provoking C-Suite panel insights and a comprehensive immersion into all aspects across the housing mosaic. With attendance of 1000+ Institutional Investors and Industry Executives, the Summit will guide you into 2024 and beyond. To learn more or register, please visit the following link.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230809331467/en/

Investors:

Kelsey Duffey

Investor Relations

Phone 301.202.3207

investorrelations@walkeranddunlop.com

Media:

Nina H. von Waldegg

VP, Public Relations

Phone 301.564.3291

info@walkeranddunlop.com

Source: Walker & Dunlop, Inc.

FAQ

Who provided financing for Park Chelsea?

Walker & Dunlop provided the financing for Park Chelsea.

Who owns Park Chelsea?

Park Chelsea is owned by WC Smith.

What is The Collective?

The Collective is a 1,138-unit apartment community in Washington, D.C., of which Park Chelsea is a part.

Did Walker & Dunlop provide financing for other phases of The Collective?

Yes, Walker & Dunlop provided financing for the first three phases of The Collective in 2016 for a combined $364.2 million.

What is the total financing provided by Walker & Dunlop in 2022?

The press release does not provide information on the total financing provided by Walker & Dunlop in 2022.