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Republic Secures $170M In Construction Finance For Portals V

WASHINGTON, DC--CapitalSource and Parse Capital provided the debt financing for the project.

Portals V

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.

Read New Data Illustrate Why Banks Fear Construction Loans

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.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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