Hoffman-Madison’s Wharf Project Ready to Dock in D.C.
D.C.’s world-class Wharf waterfront development has secured $400 million in construction financing.
By Adrian Maties, Associate Editor
Good news for Hoffman-Madison Waterfront. The master developer of the massive Wharf waterfront development project in Washington, D.C. announced that it has secured $400 million in construction financing for the $1.2 billion first phase of the project.
Hoffman-Madison, a partnership between PN Hoffman Construction Development and Madison Marquette, was represented in the deal by legal teams from Pillsbury Winthrop Shaw Pittman and Cooley LLP, with Eastdil Secured’s Nick Seidenberg and Michael Zelin acting as financial advisors.
The $400 million in financing came from Wells Fargo—acting as administrative agent, Bank of America, SunTrust, and a syndicate comprised of M&T Bank, United Bank and BB&T. Troutman Sanders represented Wells Fargo and Bank of America.
“The Wharf is the Washington region’s premier, mixed-use waterfront project being developed by a best-in-class sponsorship,” Joe Carter, executive vice president & division manager for Wells Fargo’s Washington commercial real estate office, said in a statement. “We are excited to lead the financing, which includes a bank group with strong ties to the local community, in a project of this stature.”
“We could not be more pleased with the execution of this transaction led by Joe and the teams at Wells Fargo, Bank of America, SunTrust and the syndicated banks,” PN Hoffman founder & CEO Monty Hoffman added. “Completing this last element of the capital stack for Phase I ensures the timely completion of what is sure to be the most active and exhilarating waterfront destination in the Greater Washington Region.”
Phase I of The Wharf is scheduled for completion in 2017. The project will deliver about 1.4 million square feet of mixed-use space, including two office buildings, three hotels, two apartment buildings, two condominium buildings, a 3-acre park, tens of thousands of square feet of retail space and more.
Photo via The Wharf DC