SunTrust Bank has provided a $103m loan to The JBG Companies for the refinancing of a 12-story, 274,526 sq ft office building at 7200 Wisconsin Avenue in downtown Bethesda, Maryland.
The floating-rate loan carries a four-year term with a one-year extension option.
JBG acquired the property from The Artery Group for a reported $135m in 2008. It is located at the corner of Wisconsin and Bethesda Avenues, with tenants that include Edens, Linowes & Blocher, Singapore Economic Development, University Research, Enviva and StonebridgeCarras.
“This refinancing affords the sponsor maximum flexibility to use additional proceeds to fund tenant and capital improvements and leasing commissions and create additional street-level retail, including a future jewel box concept,” said Walter Coker, part of the HFF team that arranged the financing, in a statement.
SunTrust Bank last month provided a $61m senior mortgage loan to High Street Realty Company for the acquisition of the Cobb West Business Park in Austell, Georgia; and the previous month provided a $100m construction loan along with MUFG Union Bank for the development of a Silicon Valley office campus anchored by Netflix.
The JBG Companies has more than $10bn in assets under management and development in the Washington, D.C. area.