Foreign Funds Provide $255M Refi for Portals III

WASHINGTON, DC—Republic Properties has secured $255 million in refinancing for Portals III, a 509,935-squre foot, 10-story building located at 1201 Maryland Ave., SW. The debt-and-equity package was arranged by CBRE’s David Webb and Jamie Butler. Korean Exchange Bank provided the $160 million senior debt facility and Samsung SRA kicked in a $95 million equity piece. It was the first time either South Korean entity invested in real estate in the District.

Interestingly, Samsung SRA key approached Republic Properties expressing an interest in investing in the Portal III building, according to Steven Grigg, the company’s president. “In a remarkably short time, we established a relationship which allowed us to replace and simplify the capital structure of the project to the mutual benefit of all involved. “