The Canadian pension fund that acquired D.C. megaproject The Wharf has secured a $1B loan from a trio of big banks to refinance the property’s debt.
Wells Fargo, Morgan Stanley and Goldman Sachs originated the five-year, fixed-rate loan to owner PSP Investments, according to a Fitch Ratings report. PSP is ponying up nearly $60M in equity to close the deal to refinance the megaproject’s existing mortgage.
PSP didn’t respond to Bisnow’s request for comment.
The banks are working to sell the loan as a commercial mortgage-backed security, and the deal is scheduled to close June 26, the Fitch report says. PNC Bank affiliate Midland Loan Services is slated to be the master servicer for the CMBS trust.
Click here to read the rest of the article written by Patrick Hauf over at Fox 45 News Baltimore
