JBG SMITH Closes on $385 Million Financing With Freddie Mac

BETHESDA, Md.--(BUSINESS WIRE)--JBG SMITH, a leading owner and developer of high quality, mixed-use properties in the Washington, DC market, today announced the successful completion of $385 million of 10-year financing with Freddie Mac, comprising separate loans on three multifamily assets. Wells Fargo Multifamily Capital served as Freddie Mac Optigo lender for this transaction.

The loans are floating-rate, each with 10-year terms and a five-year interest-only period, at a blended rate of LIBOR + 251 basis points. The loans are not cross-collateralized or cross-defaulted.

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

“This portfolio financing marks another major milestone for JBG SMITH and is consistent with our strategy to primarily finance our business with non-recourse, asset-level financing,” said Moina Banerjee, EVP and Head of Capital Markets of JBG SMITH. “With the execution of this deal, we were able to source attractively priced capital for these high-quality assets despite the current economic environment, validating our strategy to preserve borrowing capacity on multifamily assets during market downturns.”

About JBG SMITH
JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it now serves as the exclusive developer for Amazon’s new headquarters. JBG SMITH’s portfolio currently comprises 20.8 million square feet of high-growth office, multifamily and retail assets, 98% at our share of which are Metro-served. It also maintains a robust future pipeline encompassing 18.7 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.

Forward-Looking Statements
Certain statements contained herein may constitute “forward-looking statements” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results of JBG SMITH Properties (“JBG SMITH” or the “Company”) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximate”, “believes”, “expects”, “anticipates”, “intends”, “plans”, “would”, “may”, or similar expressions in this press release. We also note the following forward-looking statements: in the case of our construction and development assets, estimated square feet and construction commencement dates, and in the case of our future pipeline, estimated potential development density. Many of the factors that will determine the outcome of these and our other forward-looking statements, entitlements, and plans are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see “Risk Factors” and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements after the date hereof.