Washington, D.C
WC Smith Secures $108M to Refinance Park Chelsea Apartments in DC
WC Smith has received $108 million to refinance Park Chelsea, a 429-unit apartment building in Washington, D.C., completed in 2016.
The Fannie Mae financing consists of a five-year fixed rate at 5.19 percent with a full-term interest-only loan, replacing a seven-year fixed-rate loan originated by Walker & Dunlop and Fannie Mae in 2016.
Located at 880 New Jersey Avenue SE, Park Chelsea was part of the first phase of WC Smith’s The Collective, a 1,138-unit apartment community in D.C.’s Capitol Riverfront.
“This was a highly sensitive refinance coming up for maturity at the end of this year,” Brendan Coleman, Walker & Dunlop’s senior managing director who led the financing, told Commercial Observer. “As a testament to [our two companies’] long-standing relationship, the Coleman team drove a competitive process, culminating in an expedited approval to allow rate lock within 24 hours of application to catch a much-appreciated dip in the volatile treasury yields. This ensured a seamless payoff in a very challenging capital markets environment.”
Walker & Dunlop also arranged the financing for the first three phases of The Collective for a combined $364.2 million. Both the 336-unit Agora and 373-unit The Garrett apartment complexes make up the other developments in The Collective and opened during the pandemic. Combined, the three properties were 99 percent leased at the time of the new loan closing.
Park Chelsea’s amenities include a 24-hour concierge, game room, library, conference room and garden room. Residents also 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 coworking space.
Joining Coleman on the deal was Walker & Dunlop’s Connor Locke.
Keith Loria can be reached at kloria@commercialobserver.com.
Washington, D.C
Former Trump International Hotel in DC Headed to Foreclosure Auction
CGI Merchant Group’s Waldorf Astoria hotel in Washington, D.C. is headed to a foreclosure auction in June after months of financial difficulties.
Chicago-based BDT & MSD Partners, the main lender of $285 million in financing backed by the hotel, filed an affidavit of nonresidential mortgage foreclosure on Friday, according to the Business Journals, which cited records filed with the D.C. Recorder of Deeds. The auction is scheduled for June 20 at the District office of Alex Cooper Auctioneers.
Miami-based CGI defaulted on $252.7 million in outstanding debt on the property earlier this year. CGI, in partnership with Hilton, purchased a leasehold on the 269-room hotel, at 1100 Pennsylvania Avenue NW, in 2022 for $375 million from former President Donald Trump. Within a month of acquiring the hotel, CGI rebranded it from the Trump International Hotel to the Waldorf Astoria.
“CGI is engaged in productive discussions with the property’s manager, Hilton, and several other parties who want to reach a consensual financing solution that reflects the realities of today’s challenging, rising rate environment,” a CGI spokesperson told Commercial Observer in a statement. “MSD’s unilateral decision to file a foreclosure notice is inconsistent with the discussions and possibly invalid. Although our goal is to continue advancing constructive negotiations with all parties, including MSD, we’re prepared to take all necessary steps to protect the rights of CGI and its partners.”
Representatives for BDT & MSD did not immediately respond to a request for comment.
The hotel is located within D.C.’s historic Old Post Office, which remains one of the tallest buildings in the District. The federal government in 2012 leased the property on a 60-year term to the Trump Organization, which then spent some $200 million renovating it into a luxury hotel.
The Trump International Hotel opened in 2016 just a few months before Trump was elected president. It was a source of controversy while Trump was in office because his family profited from the hotel, which was often visited by foreign dignitaries and their entourages.
Trump is currently facing a $355 million penalty for real estate fraud, with the hotel being one of the assets implicated in the case. The New York judge in that case ruled that he won the contract from the General Services Administration due to false information, rendering Trump and his children liable for the profit he received from the property.
Just because the foreclosure auction is set for the Waldorf Astoria, however, does not mean that its sale is a foregone conclusion. Before the auction was announced, CGI was in the midst of negotiating a $75 million capital infusion into the property from Mavik Capital Management — and it’s possible that CGI and MSD Partners could reach a new deal before the June 20 deadline.
“Mavik has not reached a definitive agreement to provide rescue capital to restructure the property’s balance sheet,” a Mavik spokesperson told Commercial Observer. “If the parties decide they want a consensual resolution, we will reengage and anchor a constructive outcome.”
Nick Trombola can be reached at ntrombola@commercialobserver.com.
Washington, D.C
A New Guide Reveals 111 Places in Black Culture to Visit in Washington, DC
Part of the international 111 Places guidebook series for locals and experienced travelers, this guidebook reveals the very spots where enslaved people set out on a valiant escape towards freedom, where Americans fought for civil rights, and where many individuals followed their dreams and made lasting social and economic contributions to the city and the nation. Rosa Parks’ retreat on O Street, the home of abolitionist, author, and orator Frederick Douglass at Cedar Hill, and a park dedicated to the Father of Black History Carter G. Woodson are among the many places and stories in this travel guide associated with Black luminaries.
Williamson also highlights local gems in the city today, such as Everyday Sundae and DC Sweet Potato Cake for irresistible treats, both owned and operated by Black entrepreneurs. The Anacostia Community Museum has offered insights into urban community life for over 50 years.
On the creative scene, Art of Noize hosts unique film, music, and art events in Petworth. Black Last Supper, a sculpture by artist Akili Ron Anderson, was lost for decades until it was discovered behind a wall in 2019 at the Studio Acting Conservatory. Allegory at the at the Eaton Hotel offers cocktails from inside an experiential art installation of Alice’s Adventures in Wonderland through the eyes of Ruby Bridges.
“I thought I had seen everything in Washington,” says photographer David Wardrick. “But this project took me to many places I had no idea even existed.”
“111 Places in Black Culture in Washington, DC That You Must Not Miss” features full-page photos and maps to encourage explorers to see out these venues across the DC area. It is available now for pre-orders wherever books are sold.
This book is part of the illustrated 111 Places guidebook series for locals and experienced travelers. Each guidebook presents a city, region, country, or specialty theme from a wonderfully different and personal perspective. Go off the beaten path to find the hidden places, stories, shops, and neighborhoods that unlock a destination’s true character, history, and flavor. http://www.111Places.com
Title: 111 Places in Black Culture in Washington, DC That You Must Not Miss
Publisher: Emons Publishing, Cologne, Germany
Author: Laurie Williamson
Photos: David Wardrick
Pub date: June 19, 2024
Price: US$23.95
Binding: Paperback with flaps
Extent: 240 pages
Illustrations: Color photographs throughout
ISBN: 9783740820039
Size: 5 ¼ in. x 8 1/8 in.
High-resolution images available here. Please credit ©️David Wardrick
Lauri Williamson is a licensed tour guide and entrepreneur. She grew up in New Jersey, moved to Washington to attend Howard University, and fell in love with the city. She enjoys creating experiences that both educate and enlighten visitors to Washington, DC.
David Wardrick, Digital Storyteller, is a lifelong resident of the Washington, DC region, where he focuses on visual media production. He is an award-winning photographer and videographer with four decades of production experience. David’s work has been featured in USA Today, NASA-TV, multiple books, magazines, and across social media.
Media Contact
Karen Seiger, 111 Places Guidebooks, Emons Verlag, 646-256-5280, [email protected], www.111places.com
SOURCE 111 Places Guidebooks, Emons Verlag
Washington, D.C
Fountain Police Officer Julian Becerra honored in Washington D.C. Monday
WASHINGTON D.C. — Fountain Police Officer Julian Becerra was honored in our nation’s capitol Monday. His name is one of thousands read aloud Monday night to honor law enforcement officers who died in the line of duty.
WATCH: Remembering Fountain Officer Julian Becerra
Each year, names of officers killed are engraved on the walls of the National Law Enforcement Officers Memorial in Washington D.C. Monday. Their names were read aloud as part of National Police Week.
Officer Becerra’s name was read aloud along with Sergeant Michael Moran, who was killed during a traffic stop in Cortez in last year.
WATCH: Cortez Police Department honors the life and legacy of Sgt. Michael Moran
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