WASHINGTON, DC—Republic Properties is moving forward with plans to build a 200,000-square foot spec office in Capitol Hill after CBRE's Capital Markets team helped it secure $65 million in construction finance. SunTrust is the lender in the deal and CBRE's David Webb and Jamie Butler led the financing effort on behalf of Republic.

Securing spec financing is still very challenging, Webb says. In this case, several lenders were interested in the deal because of the sponsorship, location-the building will be located at 660 North Capital St.-and the design of the asset, he says.

For instance, the project's 24,500-square foot floor plates will be well-suited for the lobbying firms and associations that demand space in close proximity to the Capitol. Another aspect lenders liked was the supply/demand dynamics when the building delivers in 2016. Finally, Republic has been successful in leasing neighboring 25 Massachusetts Ave.