ING leads $110 million refinancing of award-winning Washington,DC property
ING, as Administrative Agent, has led a $110 million refinancing of Atlantic Plumbing, a 310-unit multifamily residential and retail project located at the intersection of 8th and V Streets in Northwest Washington, DC for JBG SMITH. ING was joined in the financing for the trophy property by BMO Harris Bank as Co-Lender. The loan is secured by a first mortgage on the property.
Atlantic Plumbing was designed by iconic architect Morris Adjmi, and was inspired by old industrial architecture. The 10-story Class-A luxury rental building is wrapped in a structural steel exoskeleton that features integrated planting beds and climbing vines, recalling the overgrown warehouses that once occupied the site. The project received an Honor Award for top Residential Design in DC from the American Society of Landscape Architects.
"We are pleased to refinance Atlantic Plumbing with our financial partners at ING and BMO Harris, both of whom share and understand our mission to create amenity-rich, walkable neighborhoods,” said Brian Gould, Director of Capital Markets of JBG SMITH. “Atlantic Plumbing is a successful example of this strategy.”
"ING is pleased to finance this iconic property in Washington, DC for JBG SMITH. Together with a few other projects in the North End of Shaw, JBG SMITH has helped to redefine the area bringing high quality residential, retail and entertainment offerings, all thoughtfully curated to meet the demands of millennials," said Craig Bender, Managing Director and Head of US Real Estate Finance at ING. "We are proud to have led this financing for one of the leading players in the DC market and look forward to further developing our relationship with JBG SMITH."