Republic Snags $100M for DC Apartments
The company received construction financing from CapitalSource for Portals Residential Phase V Building, which will be a 13-story community with 373 units.
By Dees Stribling, Contributing Editor
Republic Properties Corp., part of the Republic Family of Companies, has obtained $100 million to finance the development of a new multifamily property located in downtown Washington, D.C. When complete, Portals Residential Phase V Building will be a 13-story multifamily community with 373 apartments that range in size from 506 square feet to 3,400 square feet.
The property will contain a wide variety of sizes and types of units, many with balconies and terraces, and the top four floors will feature larger units with private elevator access from the building’s lobby. Common amenities include a fully equipped fitness facility, dog grooming rooms, interior lounges and meeting rooms, and an enclosed garden.
The building design includes a sky terrace level with multiple glassed-in living and meeting rooms, and an Infinity pool overlooking the Jefferson Memorial and Tidal Basin National Parks. The rooftop area includes a 1,100-foot continuous walkway all around the building allowing for views of the city.
CapitalSource, a division of Pacific Western Bank, and a national middle market lender, provided the construction loan. Mezzanine financing was provided by Parse Capital and the deal was brokered by CBRE.
“Portals Residential Phase V Building is part of the final phase of a 3 million-plus square foot development that includes the Mandarin Oriental Hotel and three office buildings,” explained Tom Whitesell, managing director of the Construction Finance Group at CapitalSource. “The property is well located, offering access to downtown Washington, D.C.”