RESTON, VA—Renaissance Centro Reston LLC secured a $88 million loan with a life insurance company to finance a luxury apartment building call The Harrison at Reston Town Center. Cushman & Wakefield's Philip Mudd and Bradley Geiger placed the fixed-rate, 15-year loan.
If a fixed-rate loan, especially at a 15-year term sounds a little off, well that is because it is. Not all investors, especially in multifamily projects these days, expect to be buy-and-hold investors, Mudd tells GlobeSt.com.
This particular developer is in it for the long haul plus it wanted to lock in the interest rate now for reasons that don't have to be explained, he said. "Normally for these kind of projects we would do a 10-year term."
The principals of Renaissance Centro, Albert Small Jr. and Doug Erdman, have built all of the multifamily product on the east side of Reston Parkway, opposite the Reston Town Center, according to Mudd.
The Harrison at Reston Town Center consists of two 14-story high-rise buildings in downtown Reston. It offers some very luxe amenities including an on-site pedestrian tunnel to Reston Town Center, two swimming pools, a fitness center with spin, yoga, and Pilates studios, a massage room, a Cyber Café and a demonstration kitchen.
It is a startling array, in fact, Mudd said. Other amenities include a media room, virtual golf, private bike storage, a dog spa, a dog park, on-site concierge, private parking garage, and electric car charging stations.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
