ACORE Capital Provides $182M Refi for DC’s Portals III

The owner of the mixed-use property will use the loan to refinance an existing loan, lease up available spaces and fund capital improvements.
Portals III. Image courtesy of JLL
Portals III. Image courtesy of JLL

JLL has arranged a $181.5 million floating-rate loan for Portals III, a 510,157-square-foot Class A office property in Washington, D.C. The company secured the loan—which will be used to refinance an existing loan, lease-up available spaces and fund capital improvements—with ACORE Capital. This transaction comes after JLL arranged $67.6 million in financing for the disposition of Two Liberty Center in Arlington, Va.

Portals III is the third part of the Portals development, a 1.5 million-square-foot office property. The 10-story development also includes more than 370 residential units, a 400-key Mandarin Oriental hotel and various retail amenities. Located at 1201 SW Maryland Ave., Portals III is adjacent to the 24-acre District Wharf and near two Metrorail stations.

Common-area amenities at the office building include 685 parking spaces, conference centers and a fully equipped fitness center located on the D level of the building. Additionally, concierge service through Charm City Concierge is available, and CVS and Starbucks on the lobby level.

JLL’s Senior Managing Director Andrew Weir, Managing Director Cary Abod, Senior Director Rob Carey and Directors Drake Greer and Jay Graham represented the owner in the transaction.