RESTON, VA –   Comstock Holding Cos. Inc.'scapital markets group has arranged a $73 million dollar loan withFreddie Mac for a luxury apartment tower in Reston, VA. Theapartment building, BLVD I, is situated in the center of Comstock'sReston Station development.

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Comstock subsidiary, Comstock Real Estate Services LC, arrangedthe non-recourse construction take-out loan on behalf of one ofComstock's managed companies, CRS BLVD I LC. The Freddie Mac loan,which has a 10-year term and a 3% annual interest rate, replacesthe maturing construction loan, originally provided by CitizensBank.

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Developed by Comstock, the 448-unit tower is located at 1908Reston Metro Plaza, near the north entrance of Wiehle-Reston EastMetro Station along Metro's Silver Line.

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BLVD I tower opened in 2016 as a highly-amenitized apartmentbuilding, featuring a 21st floor, rooftop Resident'sClub, which offers a fitness facility, outdoor pool, club room,game room and demonstration kitchen. The property additionallyfeatures a 9th floor sky-park, with gas cookingstations, an outdoor serving kitchen, dining areas, restrooms,landscaped gardens and an open turf area. The tower also offers a24-hour concierge service, a self-service package room, a businesscenter, conference room, library, social spaces, a secured garageand indoor and outdoor dog parks.

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Through its real estate services subsidiary, CDS AssetManagement Comstock, Comstock has additionally purchased a vacant,one-acre land parcel from Fairfax County, on behalf of Comstock'smanaged company, CRS Sunset Hills LC. Located at the intersectionof Reston Station Blvd. and Wiehle Ave., the land represents thefinal of 32 individual parcel acquisitions, merging 8-acres ofland, to be developed as phase two of Comstock's Reston Stationdevelopment.

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Comstock plans to commence development on phase two in thecoming months. Known as the Reston Row District at Reston Station,phase two has been approved for 1.35 million square feet ofdevelopment. Plans for the district include two class A, officebuildings, 300 apartment units, retail space, outdoor socialspaces, a park, two parking garages and a 295-room, Marriottbranded, full-service hotel and condominium tower, which willfeature a 15,000-square-foot conference center and 90condominiums.

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Comstock's Reston Station development served as one of theWashington DC area's most active lease-ups in 2019; securing morethan 500,000 square feet of office leases, with tenants such asGoogle, Neustar, ICF International, Rolls Royce and more. Thedevelopment's existing and future retail tenants include Starbucks,CVS, Wells Fargo, Davio's Italian Steakhouse, Matchbox andmore.

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"We are excited to report on the continued progress at RestonStation," said Comstock CEO, Chris Clemente. "These recenttransactions, as well as the upcoming development of the next phaseof Reston Station is consistent with our mission of enhancingshareholder value as each transaction and new development activitygenerates fee-based revenue that is additive to the cost-plus,long-term asset management agreement covering our 'AnchorPortfolio,' which includes the Reston Station and other assets.Such development activities, as well as our acquisition ofstabilized buildings, further increases our assets undermanagement."

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Ingrid Tunberg

Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.