Downtown DC Project Lands $170M in Financing
- Jun 09, 2017
National market lender CapitalSource provided a $100 million construction loan to an affiliate of Republic Properties Corp. for the development of a new multifamily property located in downtown Washington, D.C. The borrower also benefited from a mezzanine financing in the amount of $70 million from Parse Capital, handled by CBRE’s Capital Markets Group.
Portals Residential Phase V Building will be a 13-story multifamily community with 373 rental apartments, ranging in size from 506 to 3,400 square feet. The asset will feature 12,400 square feet of amenity space, 387 parking spaces in a two-level multi-level parking structure, a sky terrace, an infinity pool overlooking the Jefferson Memorial and Tidal Basin National Parks, a large fully equipped state-of-the-art fitness facility, interior lounges and meeting rooms, an enclosed garden and a rooftop walkway. The top floors will have larger units with private elevator access from the building’s lobby.
The construction of the $220-million Portals Residential Phase V Building broke ground at the principal gateway where the 14th Street Bridge enters Washington, D.C.’s Monumental Core and downtown. Executive architect of the development is WDG in association with Robert AM Stern Architects.
The Billion-Dollar Project
The development is part of The Portals complex, a $1 billion project to be developed in five phases. The complex already includes the Mandarin Oriental hotel and three Class A office buildings encompassing approximately 1,5 million square feet of space, currently leased to a variety of private and U.S. Government tenants. Phase IV of the project consists of an under development Class A office building.
“Portals Residential Phase V Building is part of the final phase of a 3 million plus square foot development project that includes the Mandarin Oriental Hotel and three Class A office buildings,” said Tom Whitesell, managing director of the Construction Finance Group at CapitalSource, in a prepared statement. “The borrower is a premier commercial real estate development company and the property is very well located offering convenient access to the downtown Washington, DC area, as well as all local monuments,” he added. “We were pleased to be a member of this top notch team and to provide the construction loan to develop this quality property that will add luxury living to the local DC area.”
Images courtesy of WDG