$220M Portals V Commences Next Phase in Washington, D.C.
Article Source: Connect Commercial Real Estate Northeast
June 7, 2017
Washington, D.C.-based Republic Properties Corporation broke ground on the $220-million Portals V Residential Building at the principal gateway where the 14th Street Bridge enters Washington, D.C.’s Monumental Core and Downtown. The affiliate of the Republic Family of Companies also secured $170 million in construction debt financing from CapitalSource and Parse Capital.
The landmark Portals Residential Building will be the next to the last phase of the more than $1-billion Portals project, which is planned for three-million square feet, and already includes the Mandarin Oriental Hotel and three Class A office buildings.
The Portals V building includes 373 rental apartments on 14 levels. Many units offer balconies and terraces affording views of the Jefferson Memorial, the U.S. Capitol and the Potomac River. Features also include a sky terrace level with multiple glassed-in living and meeting rooms, and an Infinity edge pool.
CBRE’s Capital Markets Group handled the financial structuring.