The Wharf
WASHINGTON, DC–Hoffman-Madison Waterfront, a joint venture of PN Hoffman and Madison Marquette that are co-developing The Wharf, along with equity partner the Public Sector Pension Investment Board, have secured an $800 million refi loan that they claim is one of the largest single-asset loans in Washington, DC's history.
The refinance loan was for Phase 1 of the $2.5 billion waterfront neighborhood.
The transaction was brokered by Eastdil Secured.
A Wells Fargo-led banking syndicate that included Morgan Stanley, Blackstone and others was the lender. Loan features included a four-year term with multiple extension options that 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.
The Wharf's first phase delivered on October 12, 2017.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
