800 NJ Financing
Washington, DC (December 13, 1013) – WC Smith is pleased to announce that financing for 800 New Jersey Avenue SE has been finalized. SunTrust Bank is leading the construction financing worth approximately $87 million and syndicating portions of the loan to WC Smith relationship banks. The transaction will allow the next phase of the three-building development in the Capitol Riverfront neighborhood to move forward.
The building will contain 336 luxury residential units with 10 foot ceilings and a commanding view of the Capitol and the Washington skyline, as well as a 35,000 square foot Whole Foods Market. It is the second phase of the development on a three and a half acre site at New Jersey Ave, H Street and Second Street SE. The first phase is Park Chelsea, a 432-unit building currently under construction with a projected fall 2014 delivery date. The final phase will be a Class A residential building that will bring the unit total to over 1,100 for the development. All of the buildings will provide on-site parking and will be highly amenitized with club rooms, rooftop pools, and exercise facilities.
Additionally, each site will offer a unique amenity space for use by residents of all three buildings. Those amenities include an indoor lap pool, an all-purpose gymnasium, a demonstration kitchen, and a 15,000 square foot courtyard. The development is within walking distance of both the Navy Yard and Capitol South Metro stations and adjacent to newly created Canal Park with water features, ice skating rink, public art, programmed activities, and Park Tavern restaurant.
“800 New Jersey Avenue has all the elements of a successful development that will be an asset to the surrounding community and a great place to live and shop,” said Paul Woodworth, president of SunTrust Community Capital. “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. We’re proud to have a part in making WC Smith’s latest venture a reality.”
“We are pleased to move forward with SunTrust as our partner,” said Chris Smith, CEO of WC Smith. “The distinctive amenities at 800 New Jersey Avenue will set a new standard for residential development, and the Whole Food Market will be a terrific asset for the growing Capitol Riverfront neighborhood.”
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation’s largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2013, SunTrust had total assets of $171.8 billion and total deposits of $128.9 billion. Through its flagship subsidiary, SunTrust Bank, the company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic States and a full array of technology-based, 24-hour delivery channels. The company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through its various subsidiaries, the company provides mortgage banking, asset management, securities brokerage, and capital market services. SunTrust’s Internet address is suntrust.com.
About WC Smith
WC Smith was one of the first investors in the re-emergence of the Capitol Riverfront neighborhood. In 2003, the company completed development of a 300,000 square foot Class A office building at M and New Jersey Streets SE, and relocated the firm’s corporate headquarters to the site. The company currently has over 1,500 units of multifamily housing in construction and an additional 1,000 units in predevelopment for a 2014 launch.