Comstock secures $ 73 million Freddie Mac loan for Reston Station multi-family
RESTON, VA – The Capital Markets group of Comstock Holding Cos. Inc. arranged a $ 73 million loan with Freddie Mac for a luxury apartment tower in Reston, Virginia. The apartment building, BLVD I, is located in the center of the development of the Reston de Comstock station.
Comstock’s subsidiary, Comstock Real Estate Services LC, arranged the non-recourse construction loan on behalf of one of the companies managed by Comstock, CRS BLVD I LC. The Freddie Mac loan, which has a 10-year term and an annual interest rate of 3%, replaces the maturing construction loan originally provided by Citizens Bank.
Developed by Comstock, the 448-unit tower is located at 1908 Reston Metro Plaza, near the north entrance of the Wiehle-Reston East metro station, along the Silver line of the metro.
BLVD I Tower opened in 2016 as a highly appointed apartment building with 21st upstairs, the Resident’s Club on the roof, which offers a fitness center, an outdoor swimming pool, a club room, a game room and a demonstration kitchen. The property also has a 9e sky-park on the ground floor, with gas cooking stations, an outdoor service kitchen, dining rooms, restrooms, landscaped gardens and an open lawn area. The tower also offers 24-hour concierge service, self-service package room, business center, conference room, library, social spaces, secure garage, and indoor and outdoor dog parks. .
Through its real estate services subsidiary, CDS Asset Management Comstock, Comstock also purchased a vacant one acre parcel of Fairfax County land on behalf of Comstock’s managed company, CRS Sunset Hills LC. Located at the intersection of Reston Station Blvd. and Wiehle Ave., the land represents the latest of 32 individual parcel acquisitions, merging 8 acres of land, to be developed as part of the second phase of Comstock’s Reston station development.
Comstock plans to begin development of phase two in the coming months. Known as the Reston Row District in Reston Station, phase two has been approved for 1.35 million square feet of development. Plans for the neighborhood include two Class A office buildings, 300 apartment units, commercial space, outdoor social spaces, a park, two parking garages and a full-service hotel and condominium tower with 295 rooms. , Marriott brand, which will include a 15,000 square foot conference center and 90 condominiums.
The development of Comstock’s Reston station was one of the most active locations in the Washington DC area in 2019; secure over 500,000 square feet of office leases, with tenants such as Google, Neustar, ICF International, Rolls Royce and more. Existing and future commercial tenants in the development include Starbucks, CVS, Wells Fargo, Davio’s Italian Steakhouse, Matchbox and more.
“We are delighted to report on the continued progress at Reston Station,” said Comstock CEO Chris Clemente. “These recent transactions, along with the upcoming development of the next phase of the Reston station, are in line with our mission to improve shareholder value, as every transaction and new development activity generates fee-based revenue that add to the increased cost in the long run. forward asset management contract covering our “anchor portfolio”, which includes the Reston station and other assets. These development activities, as well as our acquisition of stabilized buildings, further increase our assets under management.