05/10/2017
Citizens Bank leads financing on two deals with The JBG Companies
Refinancing of Georgetown Center and financing of Centerville, Va. shopping center total $90 million
WASHINGTON, D.C. – Citizens Bank announced today 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.
Citizens’ Commercial Real Estate Finance team provides project finance loans of more than $20 million, focusing on building relationships with strong commercial real estate sponsors located in the bank’s market coverage. Citizens makes loans for multifamily, office, retail, industrial and hospitality properties.
Citizens is positioned as a strategic and financial partner, offering deep expertise, great ideas and seamless deal execution. The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.
For more information about real estate financing options and more from Citizens, visit the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $150.3 billion in assets as of March 31, 2017. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides wealth management, mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania as Citizens Bank, Citizens Commercial Banking and Citizens One. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
About The JBG Companies
Headquartered in Chevy Chase, Maryland, The JBG Companies is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties. The company has more than $10 billion in assets under management and development in the Washington, DC area. Since 1960, JBG has been active in the areas where it invests, striving to positively impact local communities. For more information, please visit JBG.com or find us on Twitter @TheJBGCompanies and Facebook at The JBG Companies.
