WASHINGTON, DC - Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it has arranged bridge financing totaling $243 million for Portals III, a 509,716 square foot trophy office building located at 1201 Maryland Avenue, SW in the Southwest submarket of Washington, DC. David Webb, Jamie Butler and John Campanella of Cassidy Turley structured the multi-tiered financing on behalf of Republic Properties. The financing was comprised of five banks participating in a senior debt structure, plus a mezzanine loan provided by a private equity fund, and preferred equity position provided by a national pension fund adviser.
“The fact that we could bring this many capital sources in on a single closing of this magnitude in this challenging market is a testament to the strength of The Portals development and its sponsor, Republic Properties,” remarked Webb, who led the effort for Cassidy Turley.
As the latest addition to The Portals development – the largest privately held development in Washington, DC, with over 2 million square feet of office and retail, as well as the flagship Mandarin Oriental Hotel – Portals III offers numerous on-site amenities, panoramic views, and access to Washington’s business, political and transportation hubs. Current tenants include a strong mix of private sector companies and government agencies. The building is currently 68 percent leased and the bridge financing proceeds will serve to refinance the previous loan and fund future leasing costs.
“With the existing 1.6 million square feet at The Portals moving toward full occupancy, we are excited to turn our attention to other development opportunities in the District, including future phases of The Portals as well as our site at 660 North Capitol, where we can collectively build an additional 2 million square feet,” commented Steve Grigg with Republic Properties.
About Republic Properties Corporation
Republic is a Washington, DC based, privately owned, full-service real estate investment, management and development company focused on institutional quality real estate. Republic’s senior management team has over 150 years of combined experience and has successfully developed and invested in real estate transactions valued in excess of $4 billion. In addition to Portals III, Republic has a distinguished history of developing Washington, DC landmarks, including Republic Square at 25 Massachusetts Ave, Market Square on Pennsylvania Avenue, Washington Harbour and Georgetown Park in Georgetown, the General Mail Facility, as well as the Portals I and II buildings overlooking the Tidal Basin in Southwest DC. Future development includes 1.5 million square feet in Portals IV & V, and Republic Square II, in addition to other projects in Northern California and the Washington Metro area.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,600 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit http://www.cassidyturley.com/ for more information about Cassidy Turley.