Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-16
ELEVEN BUILDINGS
IN WARDMAN DEAL
$13,500,000 Bond Issue to
Be Offered to Public.
Firm Reorganized.

Eleven Of the largest and most valu-
able hotel, apartment and business
properties in Washington are included
In the $13,500,00O financial operation
on Wardman holdings here. it was
learned yesterday afternoon when de-
tails of the huge bond issues on the
buildings were made public at con-
ference of more than $50 representa-
tives of interested bonding houses at
Wardman Park Hotel.
Confidently, it was learned that as
a phase of the unsual bond issue-the
largest ever underwritten on privately
owned properties In the District-the
Wardman concern has been reorganized
and divided into three units to be
known as the Wardman Corporation.
which will be the parent company;
the Wardman Realty & Construction
Co. and the Wardman Real Estate
Properties Inc.
Two Issues.
The financial operation, as announced
IN The Star Friday, will take the form
OF Two issues OF securities totaling S13.-
ouO,OOO. These will be an SlI 900 0o0
issue Of Wardman Real Estate Proper-
Ties, Inc, first and refunding mortgage
o. per cent serial bonds. and a So
oUo,000 Wardman Realty & Construc-
tlon Co, 6l2 per cent debentures. These
securities are to be offered in the near
future by group of investment houses
3nciuolng Halsey, Stuart & Co, Ham,
Dieton d Co. A. B. Leach & Co., Inc.
Co. '''
The larger of the issues is to be
that of the Wardman properties con-
Germ. This organization will own in
zee simple and will operate the follow
ing properties. which are subjects of the
bond transaction:
Wardman Park Hotel at Connecticut
avenue, Woodley road and Calvert
street.
Wardman Park Hotel Addition. now
under construction on Connecticut ave.
nue. adjoining the Wardman Park
Hotel, and which is to be completed
next January
The Carlton Hotel at the southeast
corner of Sixteenth and K streets.
The Boulevard Apartments on New
York avenue between Twenty-firSt and
Twenty-Second streets.
Cathedral Mansions, North, and
Cathedral Mansions, Center, on Con-
necticut avenue and Klingle street, op-
posite Rock Creek Park.
The Chastleton, Sixteenth street at r.
The group of four large apartment
buildings at Connecticut avenue and
Davenport street.
The Highlands Apartment Hotel Con-
necticut avenue at California street.
-Stoneleigh Court, large apartment
structure at Connecticut avenue and
L street.
: The apartment building at 2700 Con-
necticut avenue:
The Department of Justice Building, |
II STORY structure at the northeast cor |
ner of Vermont avenue and K street.
To Take Over Activities.
Under the reorganization of the
Wardman concern, it Is announced the |
new Wardman Realty & Construction /
Co. will take over many of the activi-
ties OF the former company. 1t will |
have construction, engineering and
architectural divisions and also viii
operate the realty brokerage, property
management insurance appraisal and
rental business Of the present company
Management of the companies being
formed 1t is stated, will be under the
direction of the men now at the head |
OF the former organization, Harry
Wardman, Thomas P. Bones and James |
D. Hobbs, and, in addition, Emory L.
Coblenz. chairman of the board of di-
rectors Of the Potomac Edison Co., and !
a prominent Maryland banker
The large group of representatives
of the syndicate of mortgage bankers |
who were brought here yesterday as
guests of the bonding houses under
writing the big bond issues spent most
of the day inspecting the properties in
volved in the transaction. They were
guests at breakfast at the Carlton at 9
o'clock and at luncheon at the Ward
man Park Hotel at l o'clock, when de-
tails of the transactions were discussed.
Harry Wardman came to Washing
ton from England nearly 80 years ago
as a carpenter. and in 1902 the Ward
man real estate firm was organized on
a small scale. The concern since has
won the reputation Of being Washing
toms most active building organization.
The company has constructed hundreds
of houses and scores of apartment and
hotel properties, in addition to office
and business structures, and its resi-
Dental projects now house thousands
of families here.