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JBG SMITH closes $48M loan on Md. residential asset

JBG SMITH Properties closed a $48.0 million seven-year term loan and drew an additional $50 million under its term loan A-1 facility subsequent to the fourth quarter of 2017.

The $48.0 million loan is secured by The Alaire residential property in Rockville, Md., and bears a variable interest rate of London Interbank Offered Rate plus 1.82%. At closing, $47.0 million was funded, with the ability to draw an additional $1.0 million depending on property performance, and the maximum LIBOR rate was capped for three years.

The primarily Washington, D.C.-focused diversified real estate investment trust agreed to swap the variable interest rate on the term loan A-1 facility to a fixed rate.