PSP Investments Lands $1B Refi for The Wharf in Washington, D.C. – Commercial Observer
The Canadian pension investment fund that in April acquired majority ownership of Washington, D.C.’s The Wharf has landed a $1 billion loan to refinance the development’s debt. Public Sector Pension Investment Board (PSP Investments) secured the five-year, $1.03 billion loan in the wake of its $1.8 billion deal to take over The Wharf from Hoffman & Associates and Madison Marquette. Wells Fargo, Goldman Sachs and Morgan Stanley originated the loan according to Fitch Ratings, and the trio plan to sell the debt as a commercial mortgage-backed securities trust, expected to...