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WASHINGTON, DC-The JBG Cos., a 46-year-old, DC-based real estate investment and development firm, obtained a $242-million refinancing package for L'Enfant Plaza which comprises 890,648 sf of office and retail, a 1,600-stall parking garage and a 370-room, full-service hotel. The property is in the southwest quadrant of the city, near the National Mall.

The two-tranche structure of the deal includes a five-year, $172.5-million fixed-rate loan and a $69.5-million floating rate loan on the developer's five-asset portfolio.

JBG managing director James Iker says his firm reviewed presentations from several lenders but chose the Washington, DC office of GE Real Estate because of GE's understanding of the financial complexities involved with the property. "For this deal, we required a sophisticated lender that understood the capital requirements of repositioning a large, mixed-use portfolio," Iker says. "GE Real Estate was able to work through the many subtleties associated with L'Enfant Plaza to successfully complete a very complicated transaction."