Comstock holding companies obtained a refinancing of 350 million dollars for three Trophy office towers that he developed in Reston station, a 60-acre mixed-use development that houses the first Silver Line metro station in the Dulles Corridor.
The refinancing plan included a $ 312 million senior loan from a black stone subsidiary and an additional $ 43 million in preferred shares of a DivcoWest subsidiary, the company said. Funding replaces a Bank of America ready for construction. Eastdil secure helped facilitate the transaction.
The three office buildings, completed in 2020, are located at 1900, 1902 and 1906 Place du métro Reston, next to the Wiehe-Reston Est metro station.
Properties are currently 84 percent leased with notable tenants including Megaphone, Neustar, Rolls-Royce North America, Google and Solar winds. JLL‘s Mansinne Grass and Robert VeShancey manage the rental of buildings.
In addition to the trio of office towers, Reston Station also consists of a 448 unit apartment building, and JW Marriott will operate a 250-room hotel project. Retail tenants include Starbucks, CVS and Founding farmers.
“The closing of this long-planned recapitalization in an attractive interest rate environment allows us to accelerate the recently started development of the next phase of Reston Station while also focusing on aggressively scaling up asset acquisitions. multi-family in our institutional venture capital platform. ” Christophe ClementComstock chairman and CEO said in a statement.
Last year, Clémente told the trade observer that Reston Station represents a “transformation of Reston’s original low-density, automotive-dependent business district into a new, pedestrian-friendly cityscape of trophy-class and A-class office towers, World-class, mid-rise and high-rise hotels offer residential offers and a growing list of high-quality restaurants, shops and entertainment venues.
DivcoWest has a previous relationship with Comstock, having been a joint venture partner on the Hartford building, a 211,000 square foot Class A office building in the Rosslyn-Ballston Corridor of Arlington County.
Keith Loria can be contacted at [email protected].