The Wharf's Financing Should Land Within Weeks

WASHINGTON, DC-Madison Marquette and PN Hoffman, the partners behind the Wharf project will have in place construction financing within two to three months, according to Simon Mildé, chairman & CEO of the Greenwich Group International, which was tapped to secure financing for the two-phase, $1.5 billion waterfront development. Construction of phase one, slated to begin next year, will clock in at $830 million and Mildé tells GlobeSt.com he is in discussions with a number of banks for a $500 million construction loan. “We are finding that several banks are willing to head up a syndicate and many banks are willing to participate in the syndicate.”

Syndicates, of course, were a fairly common way to finance large projects before the crash, especially as most lenders do not like to go beyond $100 million for a project. Even now, there are some banks still willing to front larger amounts, he says. “A handful of banks in the U.S. and Canada and other foreign markets are prepared to lend up to $400 million to $500 million. And we are talking with them too.”