Comstock Secures $73M Freddie Mac Loan for Reston Station Multifamily
The company also acquired its final land parcel for Reston Station development’s phase two.
RESTON, VA – Comstock Holding Cos. Inc.’s capital markets group has arranged a $73 million dollar loan with Freddie Mac for a luxury apartment tower in Reston, VA. The apartment building, BLVD I, is situated in the center of Comstock’s Reston Station development.
Comstock subsidiary, Comstock Real Estate Services LC, arranged the non-recourse construction take-out loan on behalf of one of Comstock’s managed companies, CRS BLVD I LC. The Freddie Mac loan, which has a 10-year term and a 3% annual interest rate, 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 Wiehle-Reston East Metro Station along Metro’s Silver Line.
BLVD I tower opened in 2016 as a highly-amenitized apartment building, featuring a 21st floor, rooftop Resident’s Club, which offers a fitness facility, outdoor pool, club room, game room and demonstration kitchen. The property additionally features a 9th floor sky-park, with gas cooking stations, an outdoor serving kitchen, dining areas, restrooms, landscaped gardens and an open turf area. The tower also offers a 24-hour concierge service, a self-service package room, a business center, conference room, library, social spaces, a secured garage and indoor and outdoor dog parks.
Through its real estate services subsidiary, CDS Asset Management Comstock, Comstock has additionally purchased a vacant, one-acre land parcel from Fairfax County, 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 final of 32 individual parcel acquisitions, merging 8-acres of land, to be developed as phase two of Comstock’s Reston Station development.
Comstock plans to commence development on phase two in the coming months. Known as the Reston Row District at Reston Station, phase two has been approved for 1.35 million square feet of development. Plans for the district include two class A, office buildings, 300 apartment units, retail space, outdoor social spaces, a park, two parking garages and a 295-room, Marriott branded, full-service hotel and condominium tower, which will feature a 15,000-square-foot conference center and 90 condominiums.
Comstock’s Reston Station development served as one of the Washington DC area’s most active lease-ups in 2019; securing more than 500,000 square feet of office leases, with tenants such as Google, Neustar, ICF International, Rolls Royce and more. The development’s existing and future retail tenants include Starbucks, CVS, Wells Fargo, Davio’s Italian Steakhouse, Matchbox and more.
“We are excited to report on the continued progress at Reston Station,” said Comstock CEO, Chris Clemente. “These recent transactions, as well as the upcoming development of the next phase of Reston Station is consistent with our mission of enhancing shareholder value as each transaction and new development activity generates fee-based revenue that is additive to the cost-plus, long-term asset management agreement covering our ‘Anchor Portfolio,’ which includes the Reston Station and other assets. Such development activities, as well as our acquisition of stabilized buildings, further increases our assets under management.”