Citizens Bank closed two loans on two Washington, D.C., metropolitan area properties for JBG Companies, a Chevy Chase, Md.-based developer focused on office assets, the bank announced last week. The bank was the sole lead arranger on both deals.
A $49 million loan will be used to refinance the Georgetown Center in Washington, D.C., according to the bank. The seven-story, 180,000-square-foot office property located at 2115 and 2121 Wisconsin Avenue was reportedly purchased by the developer in 2011 in a portfolio transaction.
Citizens also placed a $41 million loan on the Old Centerville shopping center in Centerville, Va., a retail property in a D.C. suburb. The 170,000-square-foot shopping center was 98 percent occupied when JBG bought it in 2015, according to a report from Commercial Property Executive at that time.
“Citizens has been a strategic and financial partner for over a decade, and we look forward to continuing that partnership in the future,” Brian Gould, the director of Finance at JBG, said in a statement from the bank. “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,” Gary Magnuson, the executive vice president at Citizens, said in the release. “Providing term loans and construction loans are just some of the many ways that Citizens can deliver value for clients.”