May 31, 2017 – Parse Capital (“Parse”) has made a $70.3 million mezzanine investment in the development of Portals Residential Phase V Building (“Project”), a luxury apartment project in Washington, D.C.
The Portals Residential building will encompass 373 rental apartments ranging from 506 to 3,400 SF. The Building will rise 13 levels of and contain a wide variety of sizes and types of units, many with balconies and terraces. The top four floors feature larger units with private elevator access from the building’s lobby. The building’s exterior and many of its public areas were designed by Robert A.M. Stern. WDG Architecture was the architect for the building and led the multidisciplinary design team. The building will be constructed by Balfour Beatty Construction.
The landmark Portals Residential Building will be the next to the last phase of the over 3 Million SF Portals project which already includes the Mandarin Oriental Hotel and three Class A office buildings. The new residential building has special prominence because it’s at its principal gateway location to the Washington, DC Downtown and the monumental core.
Parse’s investment was part of a larger financing package, which also included a first mortgage loan provided by CapitalSource, and a significant equity investment made by the project sponsor. CBRE’s Capital Markets Group was the advisor on the deal.
“We are pleased to complete our first transaction with this sponsor” said Charles Laing, Managing Director at Parse. “We are excited to be a part of the future development of what will be an iconic building in on an irreplaceable location.”