JBG Lands $74M In Financing For Capitol Riverfront Apartment Building
The JBG Cos has a 291-unit multifamily project underway on the Capitol Riverfront, and it just got the push it needed to cross the finish line.
Cushman & Wakefield secured a $74M construction loan for JBG to complete the 1221 Van St SE project, which has an expected delivery of spring 2018.
The surge of multifamily supply in DC has caused some lenders to be more selective with construction financing, but Cushman & Wakefield executive managing director John Campanella says top-tier developers like JBG are not having any problems getting loans.
"All of what I call 'Tier 1 sponsors' are receiving great pricing and quotes and terms for construction financing," John says. "At this part of the cycle, there’s plenty of liquidity out there in the debt market for the Tier 1 sponsors."
The 13-story apartment building with views into Nationals Park will have 291 luxury units and 24k SF of ground-floor retail.
JBG began construction with cash out-of-pocket and Nats fans have seen the cranes at work on the building for several months (although the stadium will now unfortunately sit empty for the final two weeks of October).
JBG principal Tiffany Butcher will speak on the mixed-use panel at Bisnow's Multifamily Annual Conference next Thursday.
