Cassidy & Pinkard Colliers' David Webb, senior managing director, John Campanella, senior vice president and Jamie Butler, senior associate, structured the two-tiered debt transaction. "The message from this transaction is that good borrowers with a good product can still secure financing in this environment at reasonable leverage levels," Campanella tells GlobeSt.com. He declines to discuss any more details about the transaction for client confidentiality reasons, other than to say that the deal also illustrates the growing important of mezzanine lending in deals these days. There is a "paradigm shift underway in senior and mezz lending," he explains, with more transactions making use of mezz money in recapitalization transactions.

Cassidy & Pinkard Colliers explored two, three and even four tiered structures, but eventually was able to structure the deal using two lenders, Webb says in a prepared statement. "Republic quickly recognized today's realities and moved ahead with the best pricing and structure available in today's capital markets," Webb adds.

Delivered in 2006, the Portals III is 45% leased. It is the third office building of the Portals development, a $1 billion mixed-use project under construction near the waterfront that encompasses more than 1.5 million sf of office, retail and restaurants, as well as the 400-key Mandarin Oriental Hotel.