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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.