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Washington DC & Mid-Atlantic  + Finance  |  July 24, 2020
David Cohen
By: David Cohen

Wells Fargo Provides $385M Refinancing for D.C. Multifamily Portfolio

Wells Fargo has provided $385 million to refinance a 1,255-unit, three-property multifamily portfolio in metro D.C. The borrower was multifamily owner-operator JBG Smith.

The portfolio includes The Bartlett and 220 20th Street, both located in the National Landing submarket in Virginia as well as 1221 Van Street, located in the Ballpark submarket in Washington, D.C. JBG Smith, developed 1221 Van Street in 2018. The Bartlett and 220 20th Street were acquired as part of the merger transaction in 2017. All assets are currently managed by JBG Smith.

The separate loans included a floating-rate, each with 10-year terms and a five-year interest-only period. Wells Fargo Multifamily Capital served as Freddie Mac Optigo lender for this transaction.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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