Dealmaker: Walker & Dunlop Provides $108M for Washington, D.C. Multifamily

(Courtesy Walker & Dunlop)

Walker & Dunlop, Bethesda, Md., provided $108.8 million in financing for Park Chelsea, a 429-unit apartment building in Washington, D.C.

Senior Managing Director of Multifamily Finance Brendan Coleman and Senior Director of Multifamily Finance Connor Locke led the Walker & Dunlop team.

Located at 880 New Jersey Avenue SE, Park Chelsea is owned by WC Smith, Washington, which developed Park Chelsea as the first phase of The Collective, a 1,138-unit apartment community in the city’s Capitol Riverfront neighborhood. Walker & Dunlop also provided financing for the first three phases of The Collective in 2016 for a combined $364.2 million.

Built in 2016, Park Chelsea’s amenities include a 24-hour concierge, club room/game room, library, conference room and garden room. 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.

Chris Smith of WC Smith noted they were able to 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,” he said.