JBG Cos., a subsidiary of JBG Smith, has landed a $110 million loan to refinance the company’s mixed-use Atlantic Plumbing scheme. Built in 2016, the asset features a 310-unit apartment building which is 91 percent leased at an average rate of $2,974 per unit. Shared amenities include a fitness center, clubhouse, a rooftop swimming pool with terrace, and covered parking along with 19,100 square feet of ground floor retail, restaurants and a movie theater. Located at 2112 8th St. N.W., the building is 10 minutes from the center of Washington, D.C.
The funding was provided by ING Capital, which served as Administrative Agent in the deal, and co-lender BMO Harris Bank. The loan was secured by a first mortgage on the property. “ING is pleased to finance this iconic property in Washington, D.C. for JBG Smith. Together with a few other projects in the North End of Shaw, JBG Smith has helped redefine the area bringing high quality residential, retail and entertainment offerings, all thoughtfully curated to meet the demands of Millennials,” said Craig Bender, managing director & head of U.S. real estate finance at ING.
