Capital One Provides $85M Construction Perm to Parc Reston

RESTON, VA-Renaissance Centro secured an $85 million construction permanent loan from Capital One to finance development of its planned multifamily property, Parc Reston, GlobeSt.com has learned exclusively. Cassidy Turley helped secure the financing along with the law firm of Grossberg, Yochelson, Fox & Beyda, LLP. Specifically, the Cassidy Turley team of Christian Miles, Philip Mudd, Bradley Geiger, David Webb and Jamie Butler worked on the transaction. However Mudd tells GlobeSt.com that the team made free use of the larger Cassidy Turley platform to close the deal. “We had leasing agents, for example, talk to lenders about why people would want to live in the Reston market.”

The 360-unit Parc Reston consists of two 14-story buildings and will deliver in 18 months.