DC Mixed-Use District Wins $1B Refi
The development along the Potomac received the largest such refinance in D.C. history.
District Wharf Properties, the investment manager and operator of the Washington, D.C., mixed-use property The Wharf, has obtained a $1.15 billion refinancing loan for the property. The deal consolidates debt from the development’s Phase 1 (completed 2017) and Phase 2 (completed 2022), which span 3.5 million square feet of office, retail multifamily, hospitality and entertainment space. According to DWP, this is the largest refinancing of a private real estate project in modern Washington, D.C., history.
DWF and PSP Investments led the refinancing effort, with Eastdil Secured serving as advisor. Wells Fargo, Morgan Stanley and the Goldman Sachs Group were the lenders. Milbank, Pillsbury, and Davies provided legal representation on behalf of the borrower.
The Wharf stretches for a mile along the Potomac River, at the site of a fish market and pier. Presently, the property has seven multifamily residential buildings, over 1 million square feet of office space and about 75 retail and eating and drinking establishments.
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Earlier this year, original developers Hoffman & Associates and Madison Marquette sold their interests in the property to PSP Investments, a Canadian pension fund with nearly $300 billion in assets under management. The buyer paid about $1.8 billion for the property
The previous record for the largest private real estate financing in the city was also held by The Wharf.
The Wharf’s residential components
Residential parts of The Wharf include—among other properties—The Tides, a 12-story residence 255-unit residence that includes studios, one- and two bedroom apartments. Apartment amenities include terraces, double-side fireplaces and wet bars in the units. Amaris offers 96 condos designed by architect Rafael Viñol.
Other multifamily components of The Wharf include The Banks apartments, a community with two rooftop terraces and access to 24/7 concierge services and The Chanel, with an industrial design and a one-acre outdoor green space. Vio is a 112-unit condominium community with floor-to-ceiling views of the Potomac River and the National Mall.
The Wharf has established itself as a presence on the Potomac River. DWP Senior Vice President of Investment Management Monte Lippert said in a statement that the development has some of the highest commercial and residential rents in the region. The Wharf has 100 annual events including the Bloomaroo cherry blossom festival, which drew nearly 100,000 visitors in 2024.
The District of Columbia has collected enough tax revenue from The Wharf to repay the $198 million TIF revenue bonds associated with the development 15 years early. The bonds funded infrastructure construction required for the project. Going forward, $50 million in annual sales and property taxes generated by The Wharf will now go to the District’s General Fund.
