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Republic Properties Corporation Secures Financing on its $260 Million Portals IV Project, Final Phase of Multi-Billion Dollar Portals Development in Southwest DC
Portals IV will add a 356-unit luxury apartment building to the mixed-use Portals Complex, one of the largest public/private sector real estate partnerships in the nation’s capital, with construction scheduled to be completed in 2027.
Washington, DC (May 13, 2025) – Republic Properties Corporation today announces the commencement of construction for Portals IV (known as 1301), its residential building located at 1301 Maryland Avenue, SW. The construction of 1301 will be the concluding phase of the prestigious Portals Complex development overlooking the Tidal Basin and DC’s iconic monuments and memorials. Financing for this phase has been finalized, with CBRE's Mid-Atlantic Debt & Structured Finance team successfully securing $195 million in construction financing from Kennedy Wilson ($137 million) and Pearlmark ($58 million),with the remaining $65+ million provided by sponsor equity. The Portals Complex, a landmark public-private partnership with the District of Columbia, represents a substantial real estate investment totaling approximately 3 million square feet upon completion of 1301. The complex already includes three Class-A office buildings, the luxury Salamander Hotel, and will now feature two high-end residential buildings once 1301 (and its plaza) join neighbor 1331.
“This project speaks to our long-term partnership with the District of Columbia and demonstrates a true working relationship between government and private sector,” said Steve Grigg, President of Republic Properties Corporation. “We are greatly appreciative of the District’s support in working with us to achieve the completion of the last phase of the Portals, which has transformed this area of Southwest into a vibrant and growing community with housing and mixed-use development.” 1301 will be a 525,000-square-foot development with 356 market-rate residences and – similar to its sister building at 1331 Maryland Ave – the new trophy apartment building will feature an expansive rooftop with an outdoor pool and other top-tier amenities. The luxury project will include a sky terrace with grills and firepits, clubroom entertaining areas including a piano lounge, coworking spaces, dog spa and park, fitness center, and game lounge with sports simulator. 1301 was designed by WDG Architecture with interiors by Akseizer Design Group. With an aggregate market value in excess of $2 billion, the full Portals Complex includes 1331 Maryland Avenue, SW, a luxury 373-unit residential building (550,000 square feet at a cost of $230 million), which sits prominently above the Tidal Basin with views of the Potomac River and National Mall. Construction on the 356-unit adjoining building at 1301 Maryland Avenue, SW will begin in 2025 with a projected cost of over $260 million.
The District of Columbia Redevelopment Land Agency (DCRLA) first identified the vacant Portals lot as a development site in the 1980s. In 1987, DCRLA competitively awarded Republic Properties Corporation and its partner, Eastcoast Development Corporation, the right to master plan and develop a 3 million square-foot mixed-used opportunity. Republic and the District, through the Office of the Deputy Mayor for Planning and Economic Development, have worked collaboratively on planning and development of the site.
Renderings for editorial use available HERE.
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About Republic Properties Corporation
Republic Properties Corporation, a division of the Republic Family of Companies along with its affiliates Republic Land Development LLC and Republic Urban Properties LLC, represents a privately owned, full-service real estate investment, management and development enterprise based in Washington, D.C. For over 40 years, Republic and each of its principals have focused on institutional quality real estate, actively managing partnerships and other fiduciary relationships that result in successful real estate investments throughout the United States. Republic’s senior management team has over 150 years of combined experience and has successfully developed and invested in real estate transactions valued in excess of $8 billion. For more information, please visit: www.republicfamilyofcompanies.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Kennedy Wilson
Kennedy Wilson (NYSE: KW) is a leading real estate investment company with $29 billion of assets under management in high growth markets across the United States, the UK and Ireland. Drawing on decades of experience, our relationship-oriented team excels at identifying opportunities and building value through market cycles, closing more than $60 billion in total transactions across the property spectrum since going public in 2009. Kennedy Wilson owns, operates, and builds real estate within our high-quality, core real estate portfolio and through our investment management platform, where we target opportunistic equity and debt investments alongside our partners. For further information, please visit: www.kennedywilson.com.
About Pearlmark
Pearlmark is a Chicago-based investment firm that targets domestic core-plus to value-add real estate opportunities via commingled funds, separate accounts, and joint venture structures. Since 1996, the Pearlmark team has sponsored more than 15 real estate equity and debt investment programs and completed 599 real estate equity and debt transactions on behalf of investors, representing $5.9 billion in equity capital commitments, $14.6 billion in gross investment value, and 170 originated loans aggregating over $2.2 billion in commitments. Pearlmark is dedicated to creating value for its investors and offers a range of investment opportunities nationwide across various property types (primarily industrial and multifamily). For more information, please visit: https://www.pearlmark.com.
