RESTON, VA-JBG Cos. has secured a five-year, $98.2 million loan for its recently-acquired Reston Executive Center, a three-asset complex located in Reston Town Center. The three offices total 494,264-square feet and are located at 12100, 12110 & 12120 Sunset Hills Rd.
CBRE's Joe Donato and Matthew Williams arranged the financing on behalf of an entity controlled by The JBG Cos. with Wells Fargo Bank.
JBG acquired the property in cash when it was 77.5% leased, Donato tells GlobeSt.com. Because of the occupancy rate, this is considered to be bridge financing, with the proceeds to be slotted for both capital improvements and lease up costs.
"The deal was well received by lenders and the fact that it is on the north side of the Toll Road was particularly attractive," Donato says. Also, the development is adjacent to where the new metro stop will be in Reston. "All of that was important to the lender."
When the metro comes on line in Reston there will likely be some future development, but additional financing will support that project, Donato says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
