ARLINGTON, VA—The JBG Cos. secured a $145 million refi package for its 300-room Renaissance Arlington Capital View and 325-suite extended-stay Residence Inn Arlington Capital View.

This transaction follows at least two other hotel refis the company has done this year, all of which have been provided, at least in part, by the Los Angeles-based Mesa West Capital.

In this latest deal Mesa West partnered with AEW Capital Management to provide the full $145 million, with Mesa West's New York City office providing the senior loan and Boston-based AEW providing the mezzanine debt.

The senior debt portion is a non-recourse, floating-rate interest only loan. It has an initial term of three years with extension options.

JBG developed the properties in 2011, not exactly a fortuitous time for hotels in the DC market. Nevertheless, they performed well despite being delivered into a trying environment, according to Mesa West Capital Assistant Vice President Daniel Tanner who originated the financing.

Earlier this year, JBG Cos., refinanced its Hilton Crystal City with a $55 million mortgage loan originated out of Mesa West's New York office. JBG acquired this property, which is next to the Ronald Reagan National Airport, in 2012. A renovation followed, which improved the hotel's occupancy and average daily rate.

This financing as well was a non-recourse, floating-rate interest only loan with an initial term of three years with extension options.

Mesa West also provided JBG with $27 million in first mortgage debt to refinance the 191-room Westin Reston Heights in Reston, VA.

Mesa West has lent some $300 million in first mortgage debt in the Washington DC area this year, it says.

Mesa West did not return a request for comment by GlobeSt.com.

Instant Insights /

JBG Cos. Continues Hotel Refis, Securing $145M for 2 Arlington Assets

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