Occupying a rare 11-acre site fronting the Potomac in SouthwestWashington, DC with views of the Capitol and the JeffersonMemorial, the Portals is one of the largest mixed-use developmentsever to grace the District. Upon its completion, the massivemultifaceted project will encompass 1.8 million sf of prime officespace spread out among five buildings, 125,000 sf of retail space,parking facilities to accommodate 1,200 vehicles, a performing artstheater, fitness facility and the recently opened 400-room MandarinOriental Hotel.

The Portals III will be a 10-story tower with the address of1201 Maryland Ave. It will maintain its 500,000 sf of office spaceand ground-level retail offerings among 10 stories atop afour-level, 680-vehicle underground parking garage. Corus found theproject to be a good investment, especially considering the triumphof the first two Portals office facilities and the luxury hotel.The 440,000-sf Portals I boasts the Federal Aviation Administrationand other US government offices, and federal contractors as itstenants, and the 600,000-sf Portals II is home to the FederalCommunications Commission and additional government offices.

"Corus' experience in construction financing and ability tounderstand complicated loan structures facilitated the loanclosing," Corus Bank senior vice president John M. Barkidjijaexplains. "We were able to accommodate the borrower's request forsenior debt despite the lack of leases in place for the officespace.