The Wharf locks in a major refinancing deal

The developers of The Wharf on D.C.’s Southwest waterfront have inked one of the largest private refinancing deals in D.C.’s history.

Hoffman-Madison Waterfront, a joint venture of PN Hoffman and Madison Marquette, said Monday it closed on an $800 million loan, refinancing the debt it took out to develop the first phase of their $2.5 billion mixed-use development. The refinancing came roughly 18 months after Hoffman-Madison opened the project’s first phase. The Public Sector Pension Investment Board, a Canadian pension investment manager, is also an equity partner in Hoffman-Madison.

Eastdil Secured brokered the deal, secured through a Wells Fargo syndicate including Morgan Stanley and Blackstone. Remaining capital from the four-year term loan, with multiple extension options, will help to fund the project’s second phase, which kicked off earlier this year.

Hoffman-Madison picked Balfour Beatty to serve as the lead general contractor for The Wharf’s 1.15 million-square-foot second phase,…

Read the full story from the Washington Business Journal.