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Comstock Arranges $73M Freddie Mac Loan for BLVD I - Reston Station Apartments
Completes Acquisition of Final Parcel Included in 8-Acre Consolidation in Preparation for Development of Next Phase of Reston Station WASHINGTON and RESTON,
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"Completes Acquisition of Final Parcel Included in 8-Acre Consolidation in Preparation for Development of Next Phase of Reston Station\nWASHINGTON and RESTON, Va., June 18, 2020 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc. (“Comstock” or “the Company”), announced that its capital markets group arranged a $73 million loan with Federal Home Loan Mortgage Corporation (“Freddie Mac”) for the BLVD I luxury apartment tower located at 1908 Reston Metro Plaza in the center of Comstock’s Reston Station development in Reston, Virginia. Comstock Real Estate Services, LC (“CRES”), a wholly owned subsidiary of Comstock arranged the non-recourse construction take-out loan on behalf of CRS BLVD I, LC, one of Comstock’s managed companies. The Freddie Mac loan replaces the maturing construction loan originally provided by Citizens Bank and has a ten-year term and an annual interest rate of 3.0%. \n The 448-unit BLVD I was developed by Comstock and opened in 2016. Its location on Reston’s Metro Plaza positions residents within a few steps of the north entrance of the Wiehle-Reston East Metro Station at the Phase I terminus of Metro's Silver Line. The BLVD I tower is one of the most highly amenitized apartment buildings in the Dulles Corridor, with a 21st floor rooftop Resident’s Club that includes a fitness facility, outdoor pool, club room, game room, and demonstration kitchen. The property also includes an expansive sky-park on the 9th floor with multiple gas cooking stations, an outdoor serving kitchen, dining areas, restrooms, landscaped gardens, and a large open turf area. The BLVD tower’s lobby level includes a 24-hour concierge service, a self-service package room, resident’s business center, conference room, library, and multiple social spaces. The property is also equipped with a secured garage, and indoor and outdoor dog parks. Comstock, through its real estate services subsidiary, CDS Asset Management Comstock (“CDS”), also announced it had completed the purchase of a vacant parcel of land from Fairfax County on behalf of another of Comstock’s managed companies, CRS Sunset Hills, LC (“CRS”). The approximately 1-acre parcel is situated at the intersection of Reston Station Blvd and Wiehle Avenue directly across from the Metro Plaza District @ Reston Station and the Wiehle Reston-East Metro Station. The acquisition represents the ...