Madison Marquette, Urban Atlantic Win Bid For 4.3M SF Armed Forces Retirement Home Project

November 1, 2019 Jon Banister, Bisnow Washington, D.C.

A development team has been selected for one of the largest projects planned in the District.  The Armed Forces Retirement Home announced Friday it selected Madison Marquette and Urban Atlantic for the mixed-use redevelopment of an 80-acre piece of its campus on North Capitol Street.

Courtesy of Armed Forces Retirement Home A rendering of the Armed Forces Retirement Home development

The independent federal agency plans to negotiate a long-term ground lease with the development team, which was recommended by a five-member expert panel convened by the General Services Administration following a competition that attracted many of the region's top developers.

Madison Marquette and Urban Atlantic's proposal calls for 4.3M SF of development, including a mix of residential, retail, recreational, arts and wellness uses. It is planned to feature a combination of new development and adaptive reuse of historic buildings. It will also have 20 acres of public green space and pedestrian and bike paths.

The 80-acre property is bounded by North Capitol Street, Irving Street, Catholic University and the Washington Hospital Center. The team plans to consult with the Office of Planning, Historic Preservation Office, National Capital Planning Commission, elected officials, retirement home residents and neighbors.

The developers have experience with the type of large-scale development envisioned for the site. Madison Marquette is a partner on The Wharf, while Urban Atlantic is working on the Parks at Walter Reed and New Carrollton mixed-use projects.

AFRH, a retirement community for enlisted military personnel, said its funding sources have declined recently and Congress has not infused the necessary money to continue operations. The development partnership should allow it to maintain funding for its operations in the future, AFRH Chief Operating Officer James M. Branham said.

"The selection of the Madison | Urban team marks a significant step towards raising funds necessary to sustain the home’s trust fund and improve the physical infrastructure on our Washington, D.C., campus," Branham said in a release. "The revenues that AFRH will realize through this project will help us build and renovate the facilities needed to care for America’s heroes today and in the future."

Baltimore Tower Lands $185M Recap

Bridge Investment Group secured one of the largest loans in the market for the 28-story property in the city’s business district.

By Adriana Marinescu (as appearing in Commercial Property Executive)

Madison Marquette has received a $185 million financing to recapitalize One Light Street, a Class A 800,000-square-foot mixed-use high-rise in Baltimore. Bridge Investment Group secured the loan, one of the largest in the market. The developer broke ground on the 28-story building in January 2017 and secured $169 million in construction financing from two lenders in September 2017. Bridge Investment also participated at the time with a $44 million bridge loan.

Madison Marquette Chief Development/Asset Management Officer Peter Cole and Senior Vice President George Kelly negotiated on behalf of the borrower, while Bridge Investment Group Managing Director Jay Haberman represented the lender in the transaction. Phillips Realty Capital Principal Mark Remington served as advisor in the deal.


Completed in 2019, One Light Street features 5,000 square feet of ground floor retail, 252,200 square feet of office space across nine floors and 280 luxury residences across the building’s topmost 10 floors. Designed by AECOM to receive LEED Silver certification, the tower also has nine levels of above- and below-grade parking totaling 645 spaces.

According to Yardi Matrix data, the building’s residential component features a mix of studios, one- and two-bedroom floorplans averaging 691 square feet. Communal amenities include a business center, fitness center and pool with sun deck, as well as several electric charging stations. M&T Bank is an anchor tenant at the property with a 15-year, 155,000-square-foot lease.

Located at 1 Light St. in the city’s original business district, the mixed-use tower rises two blocks southwest of Baltimore City Hall and three blocks north of the National Aquarium. The 2.7-acre property is less than one mile west of Interstate 83, within an area filled with hotels, restaurants, parks and shopping venues.


DC’s The Wharf Lands Record-Breaking $847M Loan

The partnership behind the massive development closed on the financing with Goldman Sachs. Work on the second phase of the 3.2 million-square-foot project began in March.

By Laura Calugar  (as appearing in Commercial Property Executive)

The Wharf. Image courtesy of Hoffman-Madison Waterfront

The joint venture between PN Hoffman and Madison Marquette⁠—Hoffman-Madison Waterfront⁠—along with partner PSP Investments, has closed on an $847 million loan for The Wharf in Washington, D.C. Eastdil Secured brokered the record-breaking financing, which reportedly is the largest private construction loan in the city’s history.

Goldman Sachs and syndicate members Starwood Capital Group, Mack Real Estate Group and Pentagon Federal Credit Union led the non-recourse transaction, which comes shortly after the co-developers landed $800 million for the refinancing of The Wharf’s first phase. The loan, also brokered by Eastdil Secured, in June, came from a Wells Fargo-led syndicate that included Morgan Stanley and Blackstone.

Located along the Washington Channel of the Potomac River, The Wharf is a $2.5 billion and more than 3.2 million-square-foot waterfront neighborhood. The project’s first phase was delivered in 2017 and encompasses 2 million square feet of office, hotels, shops, restaurants and residential space, as well as marinas, parks, piers and docks.

At the end of the first quarter of this year, phase two of The Wharf kicked off. Plans call for a roughly 1.3 million-square-foot, mixed-use development with office, residential, hotel and retail space. The waterfront segment includes 223 boat slips at The Wharf Marina. Designed by 13 architects and designers from around the world, this final phase of the project is expected to be delivered in 2022.


Law firm Williams & Connolly has already signed a 15-year lease at The Wharf’s second phase. The company is slated to occupy nearly 300,000 square feet, making it the anchor tenant of the upcoming office tower. Other companies have also preleased space, according to Madison Marquette Founder & Chairman Amer Hammour.

Another law firm, Michael Best & Friedrich LLP, has already moved in at The Wharf’s first 11-story trophy building. The company occupies approximately 30,000 square feet after combining two local operations on the fourth floor of 1000 Main Ave. Fish & Richardson PC, also a law firm, occupies 60,000 square feet at the new office building.

The Washington, D.C., office market is in the midst of a development boom, according to a recent Yardi Matrix report. Some 2.7 million square feet was added to the market in the first half of 2019, exceeding last year’s total completions. An additional 3.4 million square feet is anticipated to come online before the end of this year, with trophy office space remaining in high demand.

The Wharf got financing for second phase of construction — and it's a big loan with big backers

By   – Staff Reporter, Washington Business Journal

Hoffman-Madison Waterfront has landed an $847 million construction loan for the second phase of The Wharf, the $2.5 billion mixed-use development on D.C.'s southwest waterfront with an A-list roster of lenders on board.

A syndicate led by New York-based Goldman Sachs Inc. (NYSE: GS) closed Thursday on the loan to Hoffman-Madison. The syndicate also includes Starwood Capital Group, Mack Real Estate Group and the Pentagon Federal Credit Union. The deal was brokered by Eastdil Secured, which estimates it was the largest private construction loan in the city's history. The second-largest is believed to have been the nearly $400 million loan for the CityCenterDC mixed-use development.

Hoffman & Associates Founder and CEO Monty Hoffman, in an interview, credited the ability to secure a loan of that size from an internationally known lender to the success of The Wharf's first phase and momentum his team has built for the second.

"The market reception for The Wharf community has been phenomenal," Hoffman said. "Having Williams & Connolly as a lead tenant and the Pendry hotel and having several others in the queue right now on lease-up going into phase two gave tremendous credibility to the project."

Hoffman, formerly known as PN Hoffman, is co-developing the project with Madison Marquette and joint venture partner Public Sector Pension Investment Board, or PSP Investments, the Canadian Crown corporation that provided critical financial support for the project's first phase.

The construction loan is in addition to an $800 million loan Hoffman-Madison locked in earlier this year to refinance the project's first phase and partially fuel the second. That loan, also brokered by Eastdil Secured, came from a Wells Fargo-led syndicate that included Morgan Stanley and Blackstone.

For the more recent construction loan, Hoffman said, the Goldman Sachs-led team emerged from a shortlist of three. That the project is now able to command interest from such lenders shows just how far it has come from the depths of the recession, when Hoffman struggled to raise additional equity after losing its first partner, Baltimore-based Struever Bros. Eccles & Rouse.

"Certainly the differences couldn't be more stark," Hoffman said. "In the earlier stages, we were still coming out of the recession and The Wharf, then called Southwest Waterfront — getting everyone to look at it differently was a huge challenge on all levels. Everybody was skeptical and I understand that. That's natural."

Hoffman-Madison has been working on landing a construction loan for the project's second phase for the past nine months, even while details and project costs were still being refined. The team started construction on phase two in March, up against a strict schedule to deliver space to its pre-leased tenants, law firm Williams & Connolly LLP among them, on time.

That schedule has Hoffman-Madison bottoming out at the site, to a depth of 36 feet at its lowest for three levels of parking, in a month or so. It will then start pouring concrete for the pads that will support the project's tower cranes.

"Everything is prescriptive, expected delivery time for those firms. It's a very complex draw schedule of cash flow needed to achieve these milestones," Hoffman said. "So we put financing on our schedule, just like earth work and everything else. So we're right on schedule."

Madison Marquette names new head of retail leasing for The Wharf

By   – Associate Editor, Washington Business Journal
 (as appearing Washington Business Journal)

Madison Marquette, one arm of the two-headed developer behind The Wharf, has named a new head of retail leasing for the massive Southwest waterfront project.

Daniela Hughes with Madison Marquette will head up retail leasing and leasing strategy at The Wharf. COURTESY MADISON MARQUETTE

Daniela Hughes will serve as Madison Marquette’s vice president for retail solutions, heading up the merchandising strategy for The Wharf. Hughes will work with existing tenants “identifying strategies to maximize sales performance, ensuring the full integration of activation, leasing and operations,” per a release.

The Wharf’s first phase delivered in October 2017 with nearly 350,000 square feet of retail and restaurant space, and the second phase, currently under construction, will deliver another 95,000 square feet in 2022. Madison Marquette is jointly developing the project with Hoffman & Associates.

Madison Marquette has undergone significant changes in the last couple of years, first merging with Houston-based PMRG in mid-2018 and then acquiring Boston-based The Roseview Group, whose CEO was brought on as Madison Marquette's chief executive — a previously unfilled position. Amer Hammour now serves as its executive chairman, John Fleury as its president and Vince Costantini as its CEO.

Hughes, who will be based in the District, most recently oversaw leasing for Emmes Asset Management and the Vanbarton Group. According to the release, she has completed more than $1 billion in new deals across 43 states.

Madison Marquette also announced that Gary Block, former senior vice president of leasing East Coast for Combined Properties, will lead leasing for The Shops at Waldorf Center, a nearly 500,000-square-foot open-air retail development in the suburban Maryland community.

Madison Marquette's Retail Solutions Team Expands Expertise With Three Industry Veterans

Retail Solutions Group Focuses on Next-Generation Retail and Merchandising Strategies

NEWS PROVIDED BY Madison Marquette  Sep 24, 2019, 11:28 ET (appearing on Cision PR Newswire)

WASHINGTONSept. 24, 2019 /PRNewswire/ -- Madison Marquette, a national private fully-integrated real estate services provider and investment manager, announced today the expansion of its Retail Solutions Group with the appointment of three new team members. These new positions will lead the leasing efforts at several of the company's transformative projects in the Washington DC metro region and Seattle, Washington.

"I am pleased to announce these three new appointments to our Retail Solutions group," said Tom Gilmore, Chief Strategy Officer, Retail Solutions for Madison Marquette. "Their combination of retail and merchandising expertise will be instrumental in moving our leasing efforts forward in some of our most exciting projects, including the Wharf D.C. and Pacific Place in Seattle."

The new Retail Solutions members include:

Daniela Hughes, Vice President/Retail Solutions

Daniela will be responsible for managing the retail leasing process and leading the merchandising strategy for The Wharf DC in Washington. She will work with the property's existing tenants identifying strategies to maximize sales performance, ensuring the full integration of activation, leasing and operations at the property.

Daniela brings over 20 years of real estate experience, including roles at both suburban and high street retail properties. Most recently, she oversaw leasing for Emmes Asset Management/Vanbarton Group, and managed leasing for a 40 million SF portfolio for a large REIT.  She has completed over $1 billion in new deals in over 43 states. Previously based in Chicago, she has worked with buyers, landlords and tenants throughout the country and worked on the sale of several shopping centers in the Chicago area.

Daniela will be based in the Washington DC office.

Gary Block, Senior Director of Leasing/Retail Solutions

Gary will be responsible for leading the leasing at The Shops at Waldorf Center, a 497,000 SF neighborhood/community open-air retail development in Waldorf, MD.  His focus will be on the lease up of existing spaces, while concurrently developing plans for several large box spaces in Phase 1 as well as for alternative schemes for the development of Phase 2 of the project.

Gary's 30 years of retail real estate experience includes leasing, strategic planning, development, management and financial analysis. Prior to joining Madison Marquette, he served as Senior VP of Leasing East Coast at Combined Properties, a Washington, DC-based retail investor, developer and operator. He also served as Principal at Block Development Group, where he provided consulting services for developers on leasing, development and redevelopment strategies. Previous to those positions, he was Vice President of Leasing (Canada) for Tanger Outlets, Vice President at The Cordish Company and Senior Vice President of Leasing at Prime Retail.

Gary will be based in the Washington DC office.

Ross Peyton, Vice President/Retail Solutions

Ross will be responsible for the day-to-day management and execution of the leasing plan for Pacific Place, a 339,000 SF landmark urban/specialty retail redevelopment in downtown Seattle.  Ross will work with the Pacific Place Project Team to recruit and secure a more contemporary mix of better priced emerging and established lifestyle retail and services brands, as well as destination dining and entertainment tenants. The re-leasing effort will result in a new mix of tenants in over 50% of the project's gross leasable area.

Ross has over 20 years of leasing, marketing, asset management and strategic planning experience, working on behalf of institutional clients including JP Morgan, Laird Norton, INVESCO, Spaulding & Slye Investments, Federal Aviation Association, New York Life, Broadreach Capital, LaSalle Investment Management and the University of Washington. Most recently, he served as an Associate Director with CBRE, managing multiple client portfolios totaling over 5 million SF in Seattle and Bellevue for clients including SECO Development, INVESCO, Pembroke, Ivanhoe Cambridge, Vulcan Real Estate, RFR Realty and Abu Dhabi Investment Authority (ADIA).  Ross previously held senior leasing positions with Hudson Pacific Properties and Unico Properties.

Ross will be based in the Seattle, WA office.

The Retail Solutions Group addresses the challenges facing the brick and mortar retail environment, on behalf of its clients and partners. The group ensures that each client and owned project in the company's portfolio has the merchandising, activation, marketing and leasing strategies required to meet current and evolving marketplace demands.

About Madison Marquette

Madison Marquette is a leading private real estate investment manager, service provider, developer and operator headquartered in Washington, D.C.  As a full-service real estate provider, the company delivers integrated investment, development, leasing and management services to a diverse portfolio of 330 assets in 20 states and manages an investment portfolio valued at over $6 billion.  The company partners with global, institutional and private investors to provide industry-leading investment and advisory services across asset classes -- including mixed-use, retail, office, medical, industrial, senior living and multi-family. Following its 2019 merger with the Boston-based Roseview Group, Madison Marquette added capital markets, investment banking and corporate advisory services to its integrated capabilities.  Founded in 1992, the company built its reputation on the successful development, repositioning and redevelopment of retail and landmark mixed-use assets, and now leverages that performance legacy to provide clients with exceptional asset services and investment advice.  Madison Marquette has over 620 professionals providing nationwide service from 14 regional markets and is a member of the Capital Guidance group of companies.


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