LOS ANGELES, CA - CapitalSource, a division of Pacific Western Bank, and a national middle market lender, announced today it provided a construction loan in the amount of $100 million to finance the development of a new multifamily property located in downtown Washington, DC.
When complete, Portals Residential Phase V Building will be a 13-story multifamily complex with 373 rental apartments that range in size from 506 to 3,400 square feet. The property will contain a wide variety of sizes and types of units, many with balconies and terraces, and the top four floors will feature larger units with private elevator access from the building’s lobby.
The borrower is an affiliate of Republic Properties Corporation, part of the Republic Family of Companies and a full service real estate development and management firm with offices on both the East and West Coasts of the United States.
“Portals Residential Phase V Building is part of the final phase of a 3 million plus square foot development project that includes the Mandarin Oriental Hotel and three Class A office buildings,” explained Tom Whitesell, Managing Director of the Construction Finance Group at CapitalSource. “The borrower is a premier commercial real estate development company and the property is very well located offering convenient access to the downtown Washington, DC area, as well as all local monuments.”
Mezzanine financing was provided by Parse Capital and the deal was brokered by CBRE. “We were pleased to be a member of this top notch team and to provide the construction loan to develop this quality property that will add luxury living to the local DC area,” added Whitesell.
The building design includes a sky terrace level which multiple glassed-in living and meeting rooms, and an Infinity pool overlooking the Jefferson Memorial and Tidal Basin National Parks. The rooftop area includes a 1,100 foot continuous walkway all around the building allowing for unparalleled views of the City for residents and their guests. Other property amenities include a large, fully equipped, state if the art fitness facility, dog grooming rooms, interior lounges and meeting rooms, and an enclosed garden.
About CapitalSource: CapitalSource makes commercial loans to small and middle-market businesses nationwide. CapitalSource is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets and 77 full-service branches. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.capitalsource.com
About Republic Properties Corporation: Republic Properties Corporation is part of the Republic Family of Companies which is a full service real estate development and management firm with offices on both the East and West Coasts of the United States. The Republic Family of Companies has over $5B of projects on a national basis and currently over $1B of active project under construction and development in these market areas including residential, hotel, office, institutional uses and retail components.