Ballard Spahr represented Hoffman-Madison Waterfront, master developer of The Wharf, in the recent issuance by the District of Columbia of the first series of project bonds, in the amount of $145,445,000 for the redevelopment of the Southwest Waterfront.

Hoffman-Madison Waterfront announced the transaction, which closed today. The developer was represented by Ballard Spahr under the direction of senior partner Joe Fanone, Managing Partner of the firm’s D.C. office.

The Wharf is a $2 billion, world-class, mixed-use development on 24 acres of land fronting the Potomac River, along the historic Washington Channel.

The bonds, structured with Tax Increment Financing (TIF) and Payments In Lieu Of Taxes (PILOT), were issued with highest ratings in the District’s history for a comparable bond issuance. The TIF/PILOT bonds are earmarked for Phase 1 of The Wharf project, now under construction. It is programmed to include approximately 1.4 million square feet of mixed uses at a cost of approximately $1.2 billion. Phase 1 will deliver in 2017.

“We are grateful for the strong support of Mayor Muriel Bowser, District CFO Jeff DeWitt and his staff, and Ward 2 Councilmember and chair of the Committee on Finance Revenue, Jack Evans, in propelling this process forward and to such a successful conclusion,” said PN Hoffman’s Founder and CEO Monty Hoffman.

MuniCap, Inc., led by Keenan Rice and Emily Meltzer, served as financial adviser for the developer. Strategic consulting services were provided by David Carmen and Dal Harper with the Carmen Group.

Ratings groups Moody’s Investors Service, Standard & Poor’s Rating Services and Fitch Rating Inc. gave strong ratings for the almost $146 million tax increment financing (TIF) bond issue. Fitch: AA-; Standard & Poor: senior lien rating AA- and junior lien rating A+; and Moody's: Aa3.

The Wharf, developed by Hoffman-Madison Waterfront, is a $2 billion, world-class, mixed-use waterfront development centrally located on the Potomac River, along the historic Washington Channel. Situated along the District of Columbia’s Southwest Waterfront and adjacent to the National Mall, The Wharf stretches across almost one mile of waterfront on 24 acres of land and more than 50 acres of water from the Municipal Fish Market to Fort McNair. When complete, it will feature more than 3 million square feet of residential, office, hotel, retail, cultural, and public uses including waterfront parks, promenades, piers and docks. Led by PN Hoffman and Madison Marquette, the development group is comprised of ER Bacon Development, City Partners, Paramount Development and Triden Development. More information is available at www.wharfdc.com. 
 
 

 

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