Awards of Excellence 2021
Hoffman-Madison Waterfront
Goldman Sachs Loan for The Wharf Phase 2

Goldman Sachs Loan for The Wharf Phase 2
Award of Excellence
Best Real Estate Transaction: Sale or Re-capitalization - Over $25 million

Project Team

Hoffman-Madison Waterfront - (Developer)

Project Description

The development partnership along with joint venture partner Public Sector Pension Investment Board (PSP), secured an $847M non-recourse loan in September 2019 from The Goldman Sachs Group, Inc. for construction of Phase 2 of The Wharf on Washington, D.C.’s waterfront. It was the largest private construction loan in the city’s history at the time. The non-recourse transaction was led by Goldman Sachs along with syndicate members Starwood Capital Group, Mack Real Estate Group, and Pentagon Federal Credit Union. The record-breaking transaction was brokered by Eastdil Secured, LLC, one of the country’s premier private real estate investment banking companies. It follows three months after the development team secured an $800M loan for The Wharf with a Wells Fargo-led syndicate to refinance the project's first phase. The Goldman Sachs loan will help further realize the full potential of the waterfront with the delivery of Phase 2 of The Wharf.

Already, the first phase of The Wharf is flourishing with community spaces where residents and visitors alike can enjoy monumental views and a vibrant culture. Its diverse offerings attract visitors from around the city and the world as well as prominent tenants. Phase 1 delivered in October 2017 and includes two condominium buildings, two apartment buildings, three hotels, three office buildings, three music venues, numerous restaurants, shops, a reimagined Fish Market, parks, and four public piers. Phase 2 will deliver in 2022 and will feature an additional 1.25 million square feet of mixed-use development. It will comprise two office buildings, 255 apartments, a Pendry hotel, the first condominium building designed by Rafael Viñoly Architects in D.C., and a curated selection of retail and restaurants.

Continuing the momentum of Phase 1, and with the financial backing of the $847M Goldman Sachs loan, Phase 2 of The Wharf has already achieved success with the preleasing of several noteworthy tenants. The exceptional additions noted below complement The Wharf’s extraordinary curation of retail, residential, office, entertainment, and dining experiences.

The acquisition of the Goldman Sachs loan for The Wharf Phase 2 construction allows for the continued success of the project. As evidenced by the prominent tenants committed to reside in Phase 2 of the development, the Goldman Sachs loan propels the mission of The Wharf forward into Phase 2

Clark Construction Company Brandywine Realty Trust Glass Jacobson The Tower Companies Trammell Crow Company Trammell Crow Company

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