{"id":1004055912,"date":"2012-12-17T07:52:14","date_gmt":"2012-12-17T15:52:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004055912"},"modified":"2020-04-30T08:55:57","modified_gmt":"2020-04-30T16:55:57","slug":"greenwich-group-outlines-1-5b-financing-strategy-for-dcs-the-wharf","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/greenwich-group-outlines-1-5b-financing-strategy-for-dcs-the-wharf\/","title":{"rendered":"Greenwich Group Outlines $1.5B Financing Strategy for DC\u2019s The Wharf"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

Even with quite specific preferences regarding both the debt and the equity financing for The Wharf, in Washington, D.C., Greenwich Group International reportedly has numerous entities potentially interested in getting in on the $1.5 billion, 27-acre, 3.2 million-square-foot mixed-use riverfront development.<\/p>\n

Last Wednesday, the project\u2019s developers, Hoffman-Madison Waterfront, a joint venture of Madison Marquette and PN Hoffman, announced that Greenwich will be arranging financing for The Wharf.<\/p>\n

The project, which is slated to begin construction next year, runs for nearly a mile along the northeast shore of the Washington Channel, in the national capital\u2019s Southwest\/Waterfront district and only a few blocks south of the National Mall.<\/p>\n

When completed in roughly eight to 10 years, The Wharf will include more than 1,350 residential units, 960,000 square feet of office space, three hotels totaling 680 rooms and 358,000 square feet of retail space, as well as a concert venue, public parks, community spaces and a 13,000-square-foot artisanal food market. On the channel itself, The Wharf will feature four new public piers that will provide access to water taxis and ferry services, 450 boat slips, and dinner and tourist cruise ships and will also host tall ships and maritime exhibitions.<\/p>\n

Phase I is scheduled for completion in 2016 and will include rental apartments, 134 condominium residences, three hotels and significant office, retail and convention space.<\/p>\n

Greenwich director Stephen Muller explained to Commercial Property Executive<\/em> that Phase I, which comprises slightly more than half the project\u2019s total square footage, has a cost of about $800 million, to be capitalized with about $500 million in debt proceeds and $300 million in equity, of which more than $60 million is in already. Phase II is anticipated to be capitalized through $500 million in debt proceeds and $200 million in equity, Muller said.<\/p>\n

Though each phase will entail about $500 million in debt financing, Muller said, \u201cgiven the timing involved (more than seven years), it is unlikely that a loan that is committed to today would be for both phases. It is likely, however that the lender(s) involved in the financing of the first phase may get some sort of preference for Phase II.\u201d<\/p>\n

Regarding the equity, however, he said, \u201cthe opposite is likely true.\u201d Noting that both Madison Marquette and PN Hoffman are headquartered in Washington and have long ties to the area, Muller said, \u201cit is their intention to stay invested in this deal for the long term, and an ideal equity partner would as well. The project phasing has been set up to optimize that long-term perspective, so on the equity side, an investor coming in today would be coming into the entire project.\u201d<\/p>\n

And due to the project\u2019s eight- to 10-year horizon, Muller added, \u201cany investor coming into the deal will have to bring that same long-term perspective.\u201d<\/p>\n

Given the site\u2019s very rare waterfront location, proximity to the center of D.C. and other factors, he said, \u201cwe are actually seeing interest from a very broad base of potential investors, many of whom are not the typical ones one would imagine.\u201d<\/p>\n

Though Muller noted that a syndicate of traditional construction lenders is a definite possibility, he added, \u201cWe are currently in discussions with a number of debt sources, including the traditional construction lenders to form a syndicate, two CMBS lenders who have experience securitizing these types of large construction loans, as well as the traditional insurance companies (both domestic and foreign) who can provide either the whole loan or club it with a partner or two. Additionally, we are in discussions with a few of the large overseas banks and sovereign wealth funds to provide either one-stop shopping for the entire capital amount, or a portion thereof.\u201d<\/p>\n

\u201cOn the equity side,\u201d he said, \u201cwe anticipate that one investor, or perhaps a club of two, comes into the deal.\u201d<\/p>\n

Muller expects that Greenwich can wrap up the financing by the end of the first quarter of next year, with construction starting thereafter.<\/p>\n

Like us on facebook:<\/strong>\u00a0https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Even with quite specific preferences regarding both the debt and the equity financing for The Wharf, in D.C., Greenwich Group International reportedly has numerous entities potentially interested in getting in on the $1.5 billion, 27-acre, 3.2 million-square-foot mixed-use riverfront development.<\/p>\n","protected":false},"author":882,"featured_media":1004055924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21751,21783,21742,21747,1615],"tags":[],"class_list":["post-1004055912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-hotel","category-investment","category-latest","category-office","category-washington-dc"],"acf":[],"yoast_head":"\nGreenwich Group Outlines $1.5B Financing Strategy for DC\u2019s The Wharf - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/greenwich-group-outlines-1-5b-financing-strategy-for-dcs-the-wharf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Greenwich Group Outlines $1.5B Financing Strategy for DC\u2019s The Wharf\" \/>\n<meta property=\"og:description\" content=\"Even with quite specific preferences regarding both the debt and the equity financing for The Wharf, in D.C., Greenwich Group International reportedly has numerous entities potentially interested in getting in on the $1.5 billion, 27-acre, 3.2 million-square-foot mixed-use riverfront development.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/greenwich-group-outlines-1-5b-financing-strategy-for-dcs-the-wharf\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-17T15:52:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-30T16:55:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/SCOTS-story1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/greenwich-group-outlines-1-5b-financing-strategy-for-dcs-the-wharf\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/greenwich-group-outlines-1-5b-financing-strategy-for-dcs-the-wharf\/\",\"name\":\"Greenwich Group Outlines $1.5B Financing Strategy for DC\u2019s The Wharf - 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