{"id":1004380958,"date":"2020-01-09T06:30:29","date_gmt":"2020-01-09T14:30:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004380958"},"modified":"2020-01-09T07:51:16","modified_gmt":"2020-01-09T15:51:16","slug":"jbg-smith-recasts-1b-revolver","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jbg-smith-recasts-1b-revolver\/","title":{"rendered":"JBG Smith Recasts $1B Revolver"},"content":{"rendered":"
\"\"<\/a>

National Landing. Rendering courtesy of JBG Smith<\/em><\/p><\/div>\n

JBG Smith, a prominent metro Washington, D.C., owner and developer, has amended and extended its existing revolving credit facility, which was set to mature on July 16, 2021. The recast $1.0 billion revolving credit facility extends the maturity date for five years, to Jan. 7, 2025. The amendment also lowers the current interest rate to LIBOR plus 105 basis points, a reduction of 5 basis points from the prior revolving credit facility<\/a>.<\/p>\n

\n

READ ALSO<\/strong>: Hana to Debut 1st Location on the East Coast<\/a><\/p>\n

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The recast was led by Wells Fargo Securities LLC, BofA Securities Inc., JPMorgan Chase Bank N.A., Capital One N.A., PNC Capital Markets LLC and Citizens Bank N.A., acting as joint lead arrangers, with Wells Fargo Bank N.A. serving as administrative agent. BMO Harris Bank N.A., Regions Bank, TD Bank N.A., The Bank of New York Mellon, Truist Bank, Goldman Sachs Bank USA, The Bank of Nova Scotia and Morgan Stanley Senior Funding Inc. served as documentation agents. (Truist is the scion of the $28 billion merger last year between SunTrust and BB&T).<\/p>\n

In addition to the joint lead arrangers and documentation agents (or affiliates thereof), Fifth Third Bank, Landesbank Baden-W\u00fcrttemberg (New York Branch), ING Capital LLC, Cr\u00e9dit Agricole Corporate and Investment Bank, Associated Bank, United Bank, and U.S. Bank N.A. are parties to the revolving credit facility as lenders. The transaction leaves unchanged Smith\u2019s two $200 million unsecured term loans, which will mature in January 2023 and July 2024, respectively.<\/p>\n

HQ2 and much more<\/h2>\n

The National Landing mixed-use development in Arlington and Alexandria, Va., has been occupying much of JBG Smith\u2019s attention. It\u2019s there that the Bethesda, Md.\u2013based REIT will be the exclusive developer of Amazon\u2019s vaunted HQ2, which in March 2019 received its final go-aheads<\/a> from Arlington County and the Virginia General Assembly. The headquarters complex, comprising both new and existing buildings, will eventually be valued at about $2.5 billion. A lease announced last April<\/a> for Smith\u2019s 1988 building at 2345 Crystal brought Amazon\u2019s total of leased and preleased space at National Landing to about 537,000 square feet.<\/p>\n

But there\u2019s more to JBG Smith and National Landing than just Amazon. A year ago, PBS took a 15-year lease for 120,000 square feet<\/a> at Smith\u2019s 1225 S. Clark St. And earlier this month, Hana, CBRE\u2019s coworking division, agreed to lease 39,000 square feet at Smith\u2019s 2451 Crystal Drive, an 11-story 1989-vintage building that Smith recently renovated.<\/p>\n

Other players, too, are active in National Landing. In May 2019, Starwood Capital Group acquired<\/a> from Beacon Capital Partners the 349,300-square-foot office building at 2511 Jefferson Davis Highway. The price was reportedly around $100 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company is the developer of National Landing, Amazon\u2019s campus in Arlington, Va.<\/p>\n","protected":false},"author":882,"featured_media":1004380979,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,11,21752,21742,21747,1615],"tags":[37482,33435,34007,35274,45668,38344],"class_list":["post-1004380958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-midatlantic","category-mixed-use","category-latest","category-office","category-washington-dc","tag-amazon","tag-goldman-sachs","tag-jbg-smith-properties","tag-jpmorgan-chase","tag-national-landing","tag-wells-fargo-securities"],"acf":[],"yoast_head":"\nJBG Smith Recasts $1B Revolver - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-recasts-1b-revolver\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JBG Smith Recasts $1B Revolver\" \/>\n<meta property=\"og:description\" content=\"The company is the developer of National Landing, Amazon\u2019s campus in Arlington, Va.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-recasts-1b-revolver\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-09T14:30:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-09T15:51:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/National-Landing.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-recasts-1b-revolver\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-recasts-1b-revolver\/\",\"name\":\"JBG Smith Recasts $1B Revolver - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-recasts-1b-revolver\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-recasts-1b-revolver\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/National-Landing.jpg\",\"datePublished\":\"2020-01-09T14:30:29+00:00\",\"dateModified\":\"2020-01-09T15:51:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-recasts-1b-revolver\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-recasts-1b-revolver\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-recasts-1b-revolver\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/National-Landing.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/National-Landing.jpg\",\"width\":800,\"height\":620,\"caption\":\"National Landing. 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