WC Smith Mortgage Division Surpasses $1 billion in Loan Financing Since 2016
Washington DC (March 11, 2019) – WC Smith announced today that, with the closing of a $117,500,000 loan for 1100 New Jersey Ave. SE, a 299,000 SF office building and home to the company’s corporate office, its mortgage division has completed loans in excess of $1 billion since 2016.
Over that 3-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.
“Reaching the $1 billion benchmark is notable for most mortgage financing operations,” said Chris Smith, CEO of WC Smith. “The fact that our mortgage team comprises just two people – Clare McCabe and Alison Ritz – makes their accomplishment all the more impressive.”
Established in 1991, WCS Mortgage provides mortgage banking services for properties owned by WC Smith, its principals and subsidiaries, as well as for third-party owners in metropolitan Washington. It has closed financing for new and existing multifamily residential properties, hotels, office and retail and vacant land.
Ms. McCabe, senior vice president at WC Smith, directs WCS Mortgage and has 40 years’ experience in multifamily financing. Ms. Ritz is a senior mortgage analyst who has more than 10 years of experience in commercial real estate financing and capital markets.
About WC Smith
WC Smith (www.wcsmith.com) is a Washington, DC-based multidisciplinary real estate firm, providing integrated real estate services to the Washington metropolitan area since 1968. Recognized and respected as one of the largest, most capable property management firms in Washington, WC Smith currently manages rental, condominium and cooperative units. The company is one of a very few property management organizations whose portfolio includes such a wide range of product type and income mix. WC Smith’s development experience spans the full spectrum from acquiring, renovating and repositioning multi-family communities, to repurposing obsolete facilities, to constructing new office buildings and large-scale multifamily and mixed-use properties. The development, commercial brokerage, and finance divisions have completed close to $2 billion of real estate and developed more than 7,000 units of multi-family housing in the District of Columbia area. The property management division maintains more than 10,000 residential units as well as office and commercial properties.