WC Smith Finalizes $87 Million in Financing for Mixed-Use Building

December 13, 2013

WC Smith announced Friday it has finalized $87 million in financing for the Whole Foods-anchored mixed-use building at 800 New Jersey Ave. SE. The loan will be provided through Atlanta-based SunTrust Bank, with portions syndicated to still-to-be determined WC Smith “relationship banks,” the D.C. developer said.

WC Smith, which developed the 300,000-square-foot Class A office building at 1100 New Jersey Ave. SE, where the firm is now headquartered, is behind three, mostly residential buildings in Capitol Riverfront, all located on a 3.5-acre site bounded by New Jersey Avenue, H and Second streets SE.

The first is the $100 million, 432-unit Park Chelsea, which is projected to deliver in the fall of 2014. The second is the yet-to-be named 800 New Jersey Ave., with its 336 units, and the third will be another Class A residential building. The Whole Foods isn’t expected to open until 2016 or 2017.

All told, WC Smith’s Capitol Riverfront projects will bring roughly 1,100 new residential units to the bustling neighborhood. All of the buildings will include on-site parking, club rooms and rooftop pools.

“Through our experience working with WC Smith, SunTrust has seen first-hand how developments like this can invigorate a neighborhood, providing needed housing and retail options for the community,” Paul Woodworth, president of SunTrust Community Capital, said in a statement. “We’re proud to have a part in making WC Smith’s latest venture a reality.”

AS PUBLISHED BY WBJ/Michael Neibauer covers economic development, chambers of commerce, transportation and politics.

Write a comment