WASHINGTON, DC—Republic Properties is movingforward with plans to build a 200,000-square foot specoffice in Capitol Hill afterCBRE's Capital Markets team helped it secure$65 million in construction finance.SunTrust is the lender in the deal and CBRE'sDavid Webb and Jamie Butler ledthe financing effort on behalf of Republic.

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Securing spec financing is still very challenging, Webb says. Inthis case, several lenders were interested in the deal because ofthe sponsorship, location-the building will be located at 660 NorthCapital St.-and the design of the asset, he says.

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For instance, the project's 24,500-square foot floor plates willbe well-suited for the lobbying firms and associations that demandspace in close proximity to the Capitol. Another aspect lendersliked was the supply/demand dynamics when the building delivers in2016. Finally, Republic has been successful in leasing neighboring25 Massachusetts Ave.

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The Leo A Daly-designed building will have a rooftop terrace, alarge private courtyard, and fitness center. Its modern design willserve as a counterpoint to the classically-styled neighboringbuildings.

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