WASHINGTON, D.C. (June 10, 2019) – Hoffman-Madison Waterfront (HMW), a joint venture of PN Hoffman and Madison Marquette, the co-developers of The Wharf, along with equity partner the Public Sector Pension Investment Board (PSP Investments), today announced a refinanced loan closing in the amount of $800 million, making it one of, if not the largest single-asset loan in the history of Washington, D.C.
Working with a Wells Fargo-led banking syndicate including Morgan Stanley, Blackstone and others as the lender, the developers of The Wharf, the $2.5 billion, 3.5-million square foot waterfront neighborhood, have closed on a four-year term loan with multiple extension options which will also serve to pay off the development’s construction loans.
The collateral included in the refinancing is comprised of all of The Wharf’s first phase, excluding two parcels with EB-5 financing. The remaining capital will fund The Wharf’s Phase 2 construction which is currently underway.
This announcement marks 18 months since the delivery of The Wharf’s first phase on October 12, 2017, demonstrating the financial and commercial success of Phase 1 of The Wharf as the team continues the development of The Wharf’s second phase along the Washington, D.C. waterfront.
This transaction was brokered by Eastdil Secured.
Public Relations Director
About The Wharf:
The Wharf is a remarkable waterfront neighborhood that re-established Washington, D.C., as a true waterfront city when Phase 1 opened in 2017. With residential, office, hotel, retail, cultural, marina, music and public uses including waterfront parks, promenades, piers, and docks, The Wharf stretches nearly one mile, across 24 acres of land and 50 acres of water from the Municipal Fish Market to Fort McNair. Adjacent to the National Mall, The Wharf is easily accessible to the region by water taxi, Metro, WMATA and SW Neighborhood shuttles buses, bicycle, foot, car and kayak.
The Wharf is a large-scale waterfront development by Hoffman-Madison Waterfront that will be completed in 2022. The Wharf development team is led by PN Hoffman and Madison Marquette and also includes ER Bacon Development, City Partners, Paramount Development and Triden Development. Learn more about The Wharf by following @thewharfdc or visiting www.wharfdc.com.