THE WHARF CLOSES HISTORIC $1.15 BILLION REFINANCING STRENGTHENING ITS CAPITAL STRUCTURE AND CEMENTING THE PROJECT AS ONE OF THE PREEMINENT MIXED-USE, WATERFRONT PROJECTS IN THE NATION

D.C.'s Largest Private Real Estate Transaction Positions The Wharf for Long-Term Value Creation and Stability

WASHINGTON, June 23, 2025 /PRNewswire/ -- District Wharf Properties (DWP), the investment manager and operator of The Wharf, today announced the successful $1.15 billion refinancing of The Wharf, a mixed-use neighborhood stretching across nearly a mile of Washington, D.C.'s waterfront. This transaction, which consolidates debt from Phase 1 and Phase 2, marks the largest refinancing of a private real estate project in modern Washington, D.C. history. The previous record for the largest private real estate financing in the city was also held by The Wharf, underscoring its continued significance in the Washington, D.C. real estate market.

"This landmark refinancing marks a new chapter for The Wharf, affirming its transformation into one of the nation's premier waterfront destinations," said Andrew Son, CEO of District Wharf Properties. "I'm grateful for the collaboration and confidence shown by our capital partners and incredibly proud of the District Wharf Properties team's dedication throughout this complex, highly coordinated effort. This next chapter of financing positions us to keep delivering on our vision of an inclusive, thriving, waterfront neighborhood that grows with the city and drives lasting economic and cultural impact."

"With this refinancing loan, we are able to transition from a construction-era capital structure to a streamlined, long-term financing model that provides stability and sets the stage for continued growth," said Monte Lippert, Senior Vice President of Investment Management at District Wharf Properties. "With some of the highest commercial and residential rents in the region, over 100 annual events, and 8 million visitors each year, The Wharf has firmly established itself as a premier destination, making this refinancing one of the most significant transactions of its scale in the District's history."

This milestone comes on the heels of the Office of the Deputy Mayor for Planning and Economic Development (DMPED) announcing that the District has collected enough tax revenue from The Wharf to repay the $198 million Tax Increment Financing (TIF) revenue bonds 15 years early. The bonds funded key public infrastructure construction required for the redevelopment project as part of the transformational public-private partnership. As a result, the over $50 million in annual sales and property taxes generated by The Wharf will now support the District's General Fund.

The refinancing was led by District Wharf Properties and PSP Investments with Eastdil Secured serving as advisor. Wells Fargo, Morgan Stanley, and The Goldman Sachs Group served as lenders for the transaction. Legal representation was provided by Milbank, Pillsbury, and Davies on behalf of the borrower.

ABOUT DISTRICT WHARF PROPERTIES
District Wharf Properties (DWP) is the investment manager and operator of The Wharf, a globally recognized mixed-use neighborhood spanning 3.3 million square feet along a mile of waterfront in Washington, D.C. Established in 2021, DWP oversees this multi-billion-dollar development and is an industry leader in the management, leasing, and financing of complex mixed-use properties. The firm also leads operations, placemaking, and community programming. Under DWP's leadership, The Wharf commands some of the highest commercial and residential rents in the region, hosts over 100 events annually, and welcomes more than 8 million visitors each year. For more information, visit wharfdc.com.

SOURCE District Wharf Properties