The Wharf Closes on Final Financing Round for Phase 1
Hoffman-Madison Waterfront closed on $400M in financing from six banks yesterday, the last wave of construction funding for Phase 1 of the Wharf. The $1.7B mega-project secured more than a half-billion in financing over the past two weeks after issuing $145M in TIF bonds before Labor Day. Phase 1 will include 1.4M SF of condos, apartments, two hotels, offices and a 6,000-seat concert hall when it delivers in 2017. Wells Fargo administered the nearly half-billion-dollar funding round, joined by Bank of America, SunTrust Bank and a three-headed syndicate of United Bank, BB&T and M&T Bank. The financing is just another endorsement for Monty Hoffman's vision after he jump-started the project with $90M of the PN Hoffman, Madison Marquette JV's money. “Completing this last element of the capital stack for Phase 1 ensures the timely completion" of the Wharf, Monty said in announcing the news.