WASHINGTON, DC—Hoffman-Madison Waterfront, the master developer of The Wharf, has issued $145.4 million in TIF/PILOT bonds for its project. This will be the first series of issuances, the company says.
Moody's Investors Service, Standard & Poor's and Fitch Ratings gave the TIF bond with some of their highest ratings: Fitch gave the issuance a AA-; Standard & Poor rated the senior lien rating AA- and junior lien rating A+ and Moody's rated it Aa3.
The bonds are earmarked for Phase 1 of The Wharf, which is under construction and expected to deliver approximately 1.4 million square feet at a cost of approximately $1.2 billion in 2017.
The developer was represented by Ballard Spahr's senior partner Joe Fanone, managing partner of the firm's DC office. MuniCap's Keenan Rice and Emily Meltzer served as financial advisors.
David Carmen and Dal Harper with the Carmen Group provided strategic consulting services.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
