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Sign in Sign up for a FREE subscriptionBlackstone bank consortium lends $800m to billion-dollar Washington, D.C., development
A consortium of banks led by Wells Fargo has provided $800 million to a joint venture by the name of Hoffman-Madison Waterfront (HMW) to refinance debt on the first phase of its $2.5 billion Washington, D.C., waterfront development, The Wharf.
Hoffman-Madison Waterfront consists of PN Hoffman, Madison Marquette and the Public Sector Pension Investment Board.
And other banks include Morgan Stanley and Blackstone Group, with other unnamed lenders.
Hoffman-Madison Waterfront said in its announcement the deal represents one of the largest, if not the largest, single-asset loans in D.C. history, adding that it demonstrates the success of The Wharf’s first phase.
The developers announced the completion of the 2.2 million-square-foot first phase in October 2017.
