JLL arranges $181.5M financing for Portals III in Washington, D.C.
Class A office building representing third phase of Portals mixed-use development
WASHINGTON, D.C., September 23, 2019 – JLL announced today that it has arranged $181.5 million in financing for Portals III, a 510,157-square-foot, Class A office building located within the Portals mixed-use development in Washington, D.C.
Working on behalf of the owner, JLL placed the floating-rate loan with ACORE Capital, a leading commercial real estate finance company. Proceeds will be used to refinance the existing loan, lease-up available space and fund capital improvements.
Portals III represents the third phase of the award-winning Portals development, comprising more than 1.5 million square feet of office space, 370-plus residential units, a 400-room Mandarin Oriental hotel and numerous retail amenities in Washington, D.C.’s Southwest submarket. The 10-story property is located at 1201 Maryland Avenue SW, adjacent to the 24-acre District Wharf, and within one-half mile of two Metrorail stations featuring five of the six Metrorail lines. On-site amenities include fitness and conference centers and panoramic views of the Potomac River, Tidal Basin, Jefferson Memorial and Washington Monument, among others.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Andrew Weir, Managing Director Cary Abod, Senior Director Rob Carey and Directors Drake Greer and Jay Graham.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About ACORE Capital
ACORE Capital, LP is a commercial real estate finance company focused on originating, acquiring and managing first mortgages, B-notes, mezzanine debt and preferred equity throughout the United States. ACORE, which is an acronym for Alpha Commercial Real Estate, specializes in providing borrowers with customized financing solutions at competitive rates and flexible terms. For investors, ACORE is focused on generating alpha through attractive commercial real estate debt investments coupled with superior risk management. For more information, please visit acorecapital.com.