From a press release:
“Hoffman-Madison Waterfront (HMW), a joint venture of Hoffman & Associates (formerly PN Hoffman) and Madison Marquette, the co-developers of The Wharf, along with joint venture partner, Public Sector Pension Investment Board (PSP Investments), closed on the largest private construction loan in the city’s history in the amount of $847 million.
The Goldman Sachs Group, Inc. (NYSE: GS), led the nonrecourse transaction, along with syndicate members Starwood Capital Group, Mack Real Estate Group and Pentagon Federal Credit Union.
“We are excited to welcome Goldman Sachs to the second phase of this vibrant waterfront community,” said Monty Hoffman, Founder and CEO of Hoffman & Associates. “It’s been nearly two years since the delivery of Phase 1 of The Wharf and its success has led to continued confidence as we develop Phase 2.”
“With Goldman Sachs, we’re setting a new high bar for project financing in Washington,” said Kristopher Wojtecki, Managing Director, Real Estate Investments, PSP Investments. “We are now in an even stronger position to realize the full potential of Washington, D.C.’s waterfront.”
“The second phase of The Wharf is already exceeding the first phase’s performance with great office preleasing, world-class architecture, and outstanding facilities – from trophy and boutique office environments to luxury living enhanced by engaging retail and dining experiences,” said Amer Hammour, Founder and Chairman of Madison Marquette.
The Wharf, a $2.5 billion and more than 3.2-million square foot, waterfront neighborhood, began construction on the second phase of the development in March, and has already secured Williams & Connolly LLP, one of the nation’s premier law firms as an anchor tenant for Phase 2. Williams & Connolly signed a 15-year lease in December of 2018 and will occupy nearly 300,000 square feet of the two trophy, mixed-use office towers, signaling the continued success of The Wharf.
“We’re thrilled to be part of a project that is significant to Washington D.C.’s transformation,” said Ted Borter, co-head of Goldman Sachs’ Americas real estate financing group.
The record-breaking transaction was brokered by Eastdil Secured, LLC, one of the country’s premier private real estate investment banking companies.
“Due to the quality of sponsorship and unparalleled value of The Wharf, this was one of the nation’s most competitive construction loans with significant interest from several financial institutions interested in fully underwriting the loan,” said Nicholas Seidenberg, Managing Director at Eastdil Secured. “The success of Phase 1 is undeniable, and we look forward to supporting The Wharf team under this next stage of development and partnership.”
This Phase 2 financing with Goldman Sachs comes on the heels of HMW and PSP Investments’ recent $800 million Phase 1 refinancing announcement with a Wells Fargo-led syndicate – one of the largest such loans in Washington, D.C. history. Together, a total of $1.65 billion in financing represents an extraordinary outcome for this remarkable D.C. neighborhood.
The final phase of The Wharf is scheduled to deliver in 2022.“
A reader reported around 6:30pm: “overturned car right now on Connecticut Ave at California” From DC Fire and EMS: “Both adult male patients conditions downgraded to stable non life threatening…
From Ìpàdé: “Sat, October 1, 2022, 12:00 PM – 3:00 1700 Connecticut Avenue NW Shop local. Shop small. Shop Ìpàdé’s Makers’ Market! Makers’ Market is a new pop-up marketplace experience…
Thanks to Art for sending: “This year’s Pomegranate harvest for our tree in Northeast/Langdon Shana Tovah!”