Terrace Manor Financing Closes; WC Smith Mortgage Eclipses $2 billion in Completed Loans
Financing closed on Terrace Manor, marking a key milestone for the development of WC Smith’s fully affordable, 130-unit multifamily project in DC’s Randle Heights neighborhood.
The $79.8 million project is being financed through the DC Department of Housing and Community Development’s Housing Production Trust Fund, tax-exempt bonds and a permanent loan through the US Department of Housing and Urban Development’s Risk-Share program (via the DC Housing Financing Agency), federal LIHTC equity through Wells Fargo and a construction loan through Wells Fargo, and DC LIHTC through Sugar Creek Capital.
The new Terrace Manor will be a newly constructed, affordable multifamily property comprising 130 fully affordable units, with rents based on 30%, 50% and 60% AMI. The building will feature modern systems and amenity spaces, including a gym, business center, community room and a 24-hour front desk. Terrace Manor will have solar panels and designed to be LEED Gold.
With this and a closing earlier this summer, WC Smith’s Mortgage Division completed loans in excess of $2 billion since 2013. Over that 9-year span, WCS Mortgage has structured and secured permanent and construction financing for a range of properties, including market rate and affordable housing developments, large commercial and mixed-use projects throughout Washington, DC.