Updated Nov 28, 2024
Walker & Dunlop Arranges $108.8M Refinance Loan For Park Chelsea Multifamily
880 New Jersey Avenue Southeast Washington, District of Columbia 20003, USA
$108,800,000
Units
429
Asset Type
MultiFamily
Closing
Aug 10, 2023
About this deal
AI
Park Chelsea, a 429-unit apartment building located at 880 New Jersey Ave SE in Washington, D.C.'s Capitol Riverfront area, has secured a $108.8 million Fannie Mae loan for refinancing. The property, managed by WC Smith, is a multifamily asset known for its prime location in the bustling market of Washington, D.C.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $108,800,000
- Units: 429
- Lender: Walker & Dunlop
- Landlord: WC Smith
Walker & Dunlop, represented by Brendan Coleman and Connor Locke, facilitated the refinancing deal for Park Chelsea. The loan provided by Fannie Mae will support the property's ongoing operations and improvements. This financing arrangement will further enhance the property's stability in the market, ensuring continued success for WC Smith.
Players
Washington MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93