$242m loan allows JBG to net large DC property.GE Real Estate has announced it provided a $242 million loan package to The JBG JBG James Bond Girl (Alizée song) JBG Jadgbombergeschwader (FRG) Companies, a Washington, D.C.-based real estate investment and development company, for the refinance of L'Enfant Plaza
L'Enfant Plaza is a complex of eight commercial and governmental buildings, as well as an underground shopping mall and Metro station, built along a traffic-and-pedestrian , a large mixed-use property in Washington DC. The two-tranche structure of the loan includes a 5-year, $172.5 million fixed rate and a $69.5 million floating rate piece. The five-asset portfolio includes 890,648 s/f of office and a retail space, a 1600 stall parking garage and a 370-room full-service hotel. L'Enfant Plaza is located in the southwest quadrant of the city, in close proximity to the National Mall National Mall: see National Parks and Monuments (table). . "This was a great opportunity for GE to use our balance sheet on a very complicated structured finance transaction, while partnering with an established local developer that owns an exceptional history of success in this very competitive market," said Ed Coco, the senior managing director and national sales leader of GE Real Estate's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Lending Division. Andy McLay, a senior director in GE Real Estate's North American Lending Division added, "This is a game changer Changer The name given to a clearing member that is willing to assume the opposite position of a futures contract within a larger alternative exchange, of which it also is a clearing member. for GE Real Estate's Washington, DC office. Our ability to balance sheet a $242M mixed use property demonstrates our flexibility and our willingness to handle complex structures on large transactions and our desire to be a top lender in the market." Continued James Iker, managing director, The JBG Companies, "For this deal, we required a sophisticated lender that understood the capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. of repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. a large, mixed-use portfolio. GE Real Estate was able to work through the many subtleties associated with L'Enfant Plaza to successfully complete a very complicated transaction." The broker for this transaction was Bob Donhauser, senior managing director with Holliday Fenoglio Fowler. Noted Donhauser, "GE's ability to handle the complicated structure and varied asset types (hotel, office, and retail) on this transaction gave them the competitive edge to be chosen as the lender for L'Enfant Plaza." |
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