ING leads $110 million refinancing of award-winning Washington, DC residential and retail property
NEW YORK, Nov. 8, 2017 /PRNewswire/ -- ING Capital LLC ("ING"), as Administrative Agent, has led a $110 million refinancing of Atlantic Plumbing, a 310-unit multifamily residential and retail project located at the intersection of 8th and V Streets in Northwest Washington, DC for JBG SMITH. ING was joined in the financing for the trophy property by BMO Harris Bank as Co-Lender. The loan is secured by a first mortgage on the property.
Atlantic Plumbing was designed by iconic architect Morris Adjmi, and was inspired by old industrial architecture. The 10-story Class-A luxury rental building is wrapped in a structural steel exoskeleton that features integrated planting beds and climbing vines, recalling the overgrown warehouses that once occupied the site. The project received an Honor Award for top Residential Design in DC from the American Society of Landscape Architects.
"We are pleased to refinance Atlantic Plumbing with our financial partners at ING and BMO Harris, both of whom share and understand our mission to create amenity-rich, walkable neighborhoods," said Brian Gould, Director of Capital Markets of JBG SMITH. "Atlantic Plumbing is a successful example of this strategy."
"ING is pleased to finance this iconic property in Washington, DC for JBG SMITH. Together with a few other projects in the North End of Shaw, JBG SMITH has helped to 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 and Head of US Real Estate Finance at ING. "We are proud to have led this financing for one of the leading players in the DC market and look forward to further developing our relationship with JBG SMITH."
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About ING
ING Capital LLC is an indirect U.S. subsidiary of ING Group N.V. ("ING"), a global financial services company with a network spanning 40 countries. ING has 51,000 employees helping its 36.9 million customer base manage their money and meet financial goals. ING, in the US, offers a full array of wholesale financial products, such as commercial lending, and a full range of financial markets products and services through ING Financial Holdings Corporation, and its affiliates.
About JBG SMITH
JBG SMITH is an S&P 400 company that owns, operates, invests in and develops assets concentrated in leading urban infill submarkets in and around Washington, DC. Our mixed-use operating portfolio comprises approximately 20 million square feet of high-quality office, multifamily and retail assets, 98% of which are Metro-served. Our emphasis on placemaking is designed to drive synergies across the portfolio and create amenity-rich, walkable neighborhoods. Our future development pipeline includes over 18 million square feet of potential development density. For additional information on JBG SMITH please visit www.jbgsmith.com.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through nearly 600 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are subject to bank and credit approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$709 billion (as of July 31, 2017), and more than 45,000 employees.
SOURCE ING Capital LLC
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