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Citizens Bank Leads $90MM Financing on Two Deals With The JBG Companies

May 11, 2017, 07:15 AM
Filed Under: Real Estate

Citizens Bank announced that Citizens Commercial Banking closed and led the financing on two deals with The JBG Companies. These included a $49 million loan to refinance Georgetown Center on Wisconsin Avenue in Washington, D.C., and a $41 million loan to finance the Old Centerville shopping center on Braddock Road in Centerville, Va.  Citizens is the administrative agent and sole lead arranger.

Founded in 1960 and based in Chevy Chase, Md., JBG is one of the most active investors and developers of commercial real estate in the Washington, D.C., metro area. The company has more than $10 billion in assets under management and development. Having deep experience across all product types enables JBG to diversify their investments, take advantage of market opportunities and mitigate risk through market cycles. They apply skill, experience and rigor to creating and preserving outstanding value for their investors.

The Georgetown Center loan facility was used to refinance two office buildings located at 2115 and 2121 Wisconsin Avenue in the Georgetown neighborhood of Washington, D.C.

The Old Centerville loan facility was used to finance a 171,631 square-foot, H-Mart-anchored retail center at 13810-13860 Braddock Road in Centerville, Va.
“Citizens has been a strategic and financial partner for over a decade and we look forward to continuing that partnership in the future,” said Brian Gould, director of Finance at JBG. “We appreciate their expertise and quick execution on financing transactions.”

“JBG is a longtime client and we look forward to continuing to work with the great team there,” said Gary Magnuson, executive vice president and head of Commercial Real Estate Finance at Citizens Bank. “Providing term loans and construction loans are just some of the many ways that Citizens can deliver value for clients.”

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