Washington, DC, July 13, 2006 – GE Real Estate announced today it provided a $242 million loan package to The JBG Companies, a Washington, D.C.-based real estate investment and development company, for the refinance of L’Enfant Plaza, a large mixed use property in Washington DC. The two-tranche structure of the loan includes a 5-year, $172.5 million fixed rate and a $69.5 million floating rate piece.
The five-asset portfolio includes 890,648 square feet of office and a retail space, a 1600 stall parking garage and a 370-room full-service hotel. L’Enfant Plaza is located in the southwest quadrant of the city, in close proximity to the National Mall.
"This was a great opportunity for GE to use our balance sheet on a very complicated structured finance transaction, while partnering with an established local developer that owns an exceptional history of success in this very competitive market,” said Ed Coco, the Senior Managing Director, National Sales Leader of GE Real Estate’s North American Lending Division.
Andy McLay, a Senior Director in GE Real Estate’s North American Lending Division added, "This is a game changer for GE Real Estate’s Washington, DC office. Our ability to balance sheet a $242MM mixed use property demonstrates our flexibility and our willingness to handle complex structures on large transactions and our desire to be a top lender in the market.”
Continued James Iker, Managing Director, The JBG Companies, “For this deal, we required a sophisticated lender that understood the capital requirements of repositioning a large, mixed-use portfolio. GE Real Estate was able to work through the many subtleties associated with L’Enfant Plaza to successfully complete a very complicated transaction.”
The broker for this transaction was Bob Donhauser, Senior Managing Director with Holliday Fenoglio Fowler. Noted Donhauser, “GE's ability to handle the complicated structure and varied asset types (hotel, office, and retail) on this transaction gave them the competitive edge to be chosen as Lender for L'Enfant Plaza. This, combined with their ability to balance sheet the entire $242MM loan, gave them a competitive advantage in the marketplace.”
GE Real Estate is a leading global resource for commercial real estate capital. The JBG Companies are active investors, owners and developers of real estate in the Washington D.C. metropolitan area. Since 1960, The JBG Companies have developed or invested in office, residential, hotel, and retail properties representing over $10B in value in the D.C. metro area.
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About GE Real Estate
GE Real Estate (
www.gerealestate.com) is a world leader in commercial real estate capital solutions. Formed in 1972, the business has more than US$38 billion in core assets with 44 offices located throughout North America, Europe, Asia, and Australia/New Zealand. GE Real Estate, backed by its parent company's AAA rating, offers a broad range of financing, equity and servicing solutions including: intermediate and long-term mortgage financing, restructuring and acquisition capital, niche equity investment, joint ventures, capital markets securitization and placements, and asset management. As one of the fastest growing units within GE Commercial Finance, Real Estate has experienced annual growth of more than 10% for the last ten consecutive years.
GE Commercial Finance (
www.gecommercialfinance.com) offers businesses an extensive array of financial services and products. With over US$260 billion in assets and an expertise in the mid-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. GE Commercial Finance is a wholly owned subsidiary of the General Electric Company (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
