Republic Secures $170M In Construction Finance For Portals V
Article Source: Globe St
JUNE 7, 2017 | BY ERIKA MORPHY
WASHINGTON, DC–Republic Properties Corp. has secured $170 million in construction debt financing and has begun development of its $220 million Portals V, which will be a residential building.
CapitalSource and Parse Capital provided the financing for the luxury apartment building, which will be the next to last phase of this 3-million-square foot development in the heart of the District.
The $1 billion Portals project already includes the Mandarin Oriental Hotel and three office buildings. The developer has high hopes for this newest addition, the Portals Residential Building, due to its gateway location — it is close to where the 14th Street Bridge enters Washington, DC’s Monumental core and Downtown.
The 14-story building will have 373 rental apartments ranging from 500 to 3,400 square feet. It was designed by Robert A.M. Stern Architects and WDG Architecture is the architect-of-record.
Balfour Beatty Construction is the construction manager. CBRE’s Capital Markets Group helped arrange the financing.
Portals V is entering a market that Fitch Ratings recently deemed to be saturated with luxury apartment product. It has placed the District’s multifamily market on its watch list due to overdevelopment of such buildings.
That said, DC’s apartment residents — at least the class A variety — do love their unique spaces. And living among the nation’s Monuments would fall in that category.