Two DC Multifamily Assets Win $120M in Financing
Walker & Dunlop oversaw the deals.
WC Smith has obtained a total of $119.7 million in financing for Crest at Skyland Town Center and The Albemarle, two Washington, D.C., multifamily properties. Namely, the company secured a refinancing loan for Crest, while the second note funded the acquisition of The Albemarle. A Walker & Dunlop team arranged both loans with capital from Fannie Mae and Freddie Mac.
What the capital is funding
Crest at Skyland Town Center is a 263-unit, mixed-use asset with ground-floor retail located at 2219 Town Center Drive SE. The property secured a $67.2 million refinancing loan provided by Fannie Mae.
The community is part of Skyland Town Center, a mixed-use development in Southeast D.C. It was the first new market-rate apartment development to be delivered east of the Anacostia River in more than 40 years when it was completed in 2021, according to Walker & Dunlop.
Crest includes one- and two-bedroom units. Common-area amenities include a fitness center, clubhouse and swimming pool.
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The Albemarle is a 235-unit rent-controlled, high-rise multifamily asset originally built in 1958 and renovated in 2021. Freddie Mac provided the $52.5 million acquisition loan.
The property is located along Connecticut Avenue NW in the Forest Hills neighborhood, providing immediate access to the Van Ness–UDC Metro station.
The Albemarle comprises one-, two- and three-bedroom apartments, as well as amenities such as a fitness center, laundry facilities and covered parking.
The Walker & Dunlop Capital Markets Real Estate Finance team, led by Connor Locke, Brendan Coleman and Skye Stansbury, arranged both financing transactions on behalf of WC Smith. Walker & Dunlop ranked third on MHN‘s top multifamily lenders of 2026.
DC deals get done
As of November 2025, the average occupancy in metro D.C.’s multifamily housing declined 40 basis points year-over-year to 94.9 percent, according to Yardi Matrix data. That rate barely outperformed the 94.6 percent U.S. occupancy rate.
Despite softening fundamentals, financing remains available for suitable D.C.-area multifamily deals.
In January, Post Brothers closed on $575 million for The Geneva, an office-to-residential project in the district that will convert two office buildings into a 530-unit rental community. The majority of the funding—$465 million—is Commercial Property Assessed Clean Energy financing, making it the largest such deal in history.
