WASHINGTON, DC—Republic Properties has secured$255 million in refinancing for PortalsIII, a 509,935-squre foot, 10-story building located at1201 Maryland Ave., SW. The debt-and-equitypackage was arranged by CBRE's David Webb andJamie Butler. Korean ExchangeBank provided the $160 million senior debt facility andSamsung SRA kicked in a $95 million equity piece.It was the first time either South Korean entity invested in realestate in the District.

Interestingly, Samsung SRA key approached Republic Propertiesexpressing an interest in investing in the Portal III building,according to Steven Grigg, the company'spresident. “In a remarkably short time, we established arelationship which allowed us to replace and simplify the capitalstructure of the project to the mutual benefit of all involved."

In general, Webb tells GlobeSt.com, "we are seeing an increasedinterest on the part of Asian investors in the deals we have beenworking on." This deal puts to bed Republic's funding needs forfive years, giving it time to further stabilized the property,which is now 78% leased following the for 87,286 square foot leaseinked by the Energy Department's National Nuclear SecurityAdministration at the end of last year.