Walker & Dunlop provided $108.8 million in financing for Park Chelsea, a 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,” Coleman, senior managing director of multifamily finance at Walker & Dunlop, said. “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.”
“We could not be more thrilled for another fantastic execution from Walker & Dunlop,” Chris Smith of WC Smith, said. “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.”
