DC-Area Assets Land $90M in Financing

Citizens Bank arranged the $49 million loan to refinance Georgetown Center in Washington, D.C. and the $41 million loan to finance the Old Centerville retail center in Centerville, Va.

Citizens Commercial Banking arranged financing for two properties owned by JBG Cos. The deals include a $49 million refinance loan for Georgetown Center in Washington, D.C. and a $41 million finance loan for the Old Centerville shopping center in Centerville, Va. Citizens is the exclusive lead arranger and administrative agent for both properties.

Located at 2115-2121 Wisconsin Ave. NW, Georgetown Center consists of two buildings totaling 293,845 square feet with first-floor retail. The building at 2115 Wisconsin Ave. is LEED-Certified to the Silver level while the other one is LEED-Certified. According to Yardi Matrix, JBG Cos. purchased both properties in a portfolio transaction back in 2011 for $101 million. The sale was subject to a $46 million loan, which matured in 2011.

Located at 13810-13860 Braddock Road in Centerville, Va., Old Centerville encompasses 171,631 square feet. The center’s primary anchors are H-Mart and Spa World. The property is strategically located at the nexus of Route 28 and Route 29.

Images courtesy of Yardi Matrix