JBG Lands $110M Refi for Iconic DC Asset
- Nov 09, 2017
JBG Smith secured a $110 million refinancing loan for Atlantic Plumbing, owned by its subsidiary, JBG Cos. The funds were obtained 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.
Atlantic Plumbing is a 310-unit apartment building designed by Morris Adjmi Architects and built in 2016. The exterior features a structural steel exoskeleton which has planting beds and climbing vines. The project was awarded for top Residential Design in D.C. by the American Society of Landscape Architects. The building is currently awaiting LEED certification.
Minutes from downtown
The apartment community comprises 218 one-, 82 two- and 10 three-bedroom units, ranging in size from 622 to 1,235 square feet. According to Yardi Matrix, it is currently 91 percent occupied, with a monthly average rent of $2,974. Common amenities include a fitness center, clubhouse, a rooftop swimming pool with terrace, and covered parking. The ground floor features 19,100 square feet of retail, restaurants and a movie theater.
Atlantic Plumbing is located at 2112 8th St. N.W., 10 minutes from the center of Washington, D.C. V and U Streets offer plentiful dining options, with more than a dozen restaurants within 10 minutes’ walking distance. U Street also features theaters and music venues, among other entertainment options. The green and yellow metro lines are located five minutes away, at the U Street Station.
“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, in a prepared statement.
Image courtesy of ING Capital