Park Chelsea Update 08/11/23

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

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.

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.

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