Comstock secures refinancing for three office towers at Reston Station

Comstock Holding Companies, Inc. has officially secured refinancing for a trio of office towers at Reston Station, according to a company release.

The Reston-based company arranged a $350 million financing package for the first three office towers built at Reston Station, a 60-acre, mixed use project near the Wiehe-Reston East Metro Station.

The office towers at 1900, 1902 and 1906 Reston Metro Plaza are anchored by tenants like Google, Neustar, Rolls-Royce North America, and ICF Global.

Comstock received roughly $2.6 million in debt and equity origination fees, which are charged by the lender for compensation for a loan application.

The package includes $312 million by a Blackstone subsidiary and $43 million with a DivcoWest subsidiary. The three buildings are 84 percent leased, according to a company release.

Here’s more from Comstock on the restructuring effort:

The Anchor Portfolio primarily includes mixed-use properties located adjacent to key Metro rail stations in the Dulles Corridor in the northern Virginia suburbs of Washington, DC. Additionally, CHCI, through its institutional venture platform, acquires and manages stabilized properties with a focus on transit-oriented, mixed-use assets throughout the Washington, DC region.

“Building long term relationships with best-in-class capital providers such as Blackstone and DivcoWest is among our key strategic initiatives and we believe the financial commitment of these market leaders to Comstock and Reston Station affirm the pre-eminence of our office portfolio in the Dulles Corridor”, commented Chris Clemente, CHCI’s Chairman and Chief Executive Officer. “Closing this long-planned recapitalization in an attractive interest rate environment allows us to accelerate the recently commenced development of the next phase of Reston Station while we also focus on aggressively scaling up acquisitions of multi-family assets in our institutional venture platform. We look forward to updating the market in the very near-term on our progress on that front as we continue to focus on creating value for all Comstock’s stakeholders”.

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