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Before The JBG Cos. went public, the company made a habit of selling its new developments in the Shaw-U Street area for record prices. But the new JBG Smith appears to be turning into a long-term holder.
The developer has just closed a $110M refinancing deal for Atlantic Plumbing, the 310-unit multifamily project it opened in Shaw in 2015. ING Capital and BMO Harris Bank provided the financing.
The Atlantic Plumbing apartment building, designed by architect Morris Adjmi, features a 10-screen Landmark Theater on the ground floor. The mixed-use development, also featuring a 62-unit condo building, has helped to transform the booming Shaw neighborhood. Atlantic Plumbing Parcel C, which began construction earlier this year, will feature two towers connected by a bridge over a woonerf-style street with retail on both sides.
A few blocks west, JBG Smith in August delivered 13|U, a 129-unit mixed-use building with rents reaching as high as $13,500 per month. It had originally retained a broker to market the property for sale, but then decided to take it off the market this summer and has not announced its next steps.
The refinancing deal in Shaw and the decision to take 13|U off the market could signal a new strategy for the developer, which became a public company in July upon the closing of its merger with Vornado's D.C. arm. When it operated as private funds, The JBG Cos. sold two of its buildings on nearby 14th Street as soon as they delivered, achieving more than $600K/per unit for The District apartments and Louis at 14th.
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