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$242m loan allows JBG to net large DC property.

GE Real Estate has announced it provided a $242 million loan package to The JBG Companies, a Washington, D.C.-based real estate investment and development company, for the refinance of L'Enfant Plaza, 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.

"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 Lending Division.

Andy McLay, a senior director in GE Real Estate's North American Lending Division added, "This is a game changer 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 of repositioning 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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Title Annotation:FINANCE
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jul 19, 2006
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