Republic Starts Next Phase of Billion Dollar Portals Project
Article Source: CityBizList
Republic Properties Corporation, an affiliate of the Republic Family of Companies (www.RepublicFamilyOfCompanies.com), and its partners announce the commencement of construction of their $220M Portals V Residential Building. $170 Million of construction debt financing for the Building was provided by CapitalSource and Parse Capital.
The landmark Portals Residential Building will be the next to the last phase of the over $1 Billion, 3 million square foot Portals project which already includes the Mandarin Oriental Hotel and three Class A office buildings. The new Portals Residential Building has special prominence because it is at a principal gateway location, where the 14th Street Bridge enters Washington, DC’s Monumental Core and Downtown.
The Portals Residential building will provide 373 rental apartments ranging from 500 to 3,400 SF. The Building will rise 14 levels and offer a wide variety of sizes and types of units; many with balconies and terraces affording unparalleled views of the Jefferson Memorial, the U.S. Capitol and the Potomac River. This luxurious building is designed by Robert A.M. Stern Architects. The top four floors feature larger units with private elevator access from the Building’s lobby. Dedicated parking is provided underneath the building.
The Building will feature a sky terrace level with multiple glassed-in living and meeting rooms, and an Infinity edge pool overlooking the Jefferson Memorial, Tidal Basin National Parks, and beyond. There are fire pits, barbeque stations, and a variety of smaller and larger group indoor and outdoor seating areas. The rooftop sky deck level includes an 1,100-foot continuous walkway all around the building allowing for unparalleled views of the Gateway to the city for residents and their guests. Additional amenities include a large, fully equipped, state-of-the-art fitness facility, dog grooming rooms, interior lounges and meeting rooms, and an enclosed garden.
The Building is designed by Robert A.M. Stern Architects. WDG Architecture is the architect-of-record, responsible for the apartment plans and leadership of the multidisciplinary design team. The Building will be constructed by Balfour Beatty Construction. CBRE’s Capital Markets Group was integrally involved in the financial structuring.
“We are pleased to provide financing for this project given its irreplaceable location, and Republic’s track record for delivering superior product,” said Charles Laing, Managing Director at Parse. “We look forward to working with them, again, on future transactions.”
Parse Capital is a leading provider of financing solutions to multifamily developers / operators for the development, recapitalization and acquisition of multifamily assets throughout the United States. Parse offers a range of creative financial structures, including stretch senior, mezzanine debt, preferred equity and joint venture equity. For additional information, please visit Parse’s website at www.parsecap.com.
Republic Properties Corporation is part of the Republic Family of Companies which is a full service real estate development and management firm with offices on both the East and West Coasts of the United States. The Republic Family of Companies has over $5B of projects on a national basis and currently over $1B of active project under construction and development in these market areas including residential, hotel, office, institutional uses and retail components.