(Mark Your Calendars: RealShare APARTMENTS East, February 15 in Washington DC)

RESTON, VA-The JBG Cos. has secured a $58.8 million non-recourse loan for the acquisition and renovation of Summit I & II here. It tapped CBRE to arrange the financing, from KBS REIT II.

Joe Donato and Jamie Leachman of CBRE’s Washington, DC Debt & Equity Finance team represented JBG. “Although the property is vacant, given the strength of JBG’s track record we were able to arrange non-recourse financing to facilitate the acquisition and redevelopment of the property,” Donato said in a prepared statement.

“Additionally, we were able to structure the funding of the loan in such a manner that will allow JBG to maximize their returns, as their equity will be funded over the term of the loan rather than upfront,” he added.

Summit I & II were originally developed in the mid 1980s. The two six-story office buildings, which are located next to each other, total approximately 288,000 square feet: Summit I, located at 2002 Edmund Halley Dr., contains 141,000 square feet and Summit II, located at 2000 Edmund Halley Dr., is 147,000 square feet.

Proceeds of the loan will be used in part to fund a renovation scheduled for this year, which include upgrades to HVAC, lobby and bathrooms. The buildings are located on the Dulles Toll Road, directly south of Reston Town Center. The buildings are also located next to the forthcoming Reston Town Center Metrorail station on Metrorail’s Silver Line extension.