Comstock Snags $73M Loan, Fairfax Land and New Managing Director
By Keith Loria June 20, 2020 1:16 pm
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Comstock Real Estate Services has secured a $73 million loan with Freddie Mac (FMCC) for BLVD I, a luxury apartment tower in Reston, Va., situated in the center of Comstock’s Reston Station development.
Comstock undertook the non-recourse construction take-out loan on behalf of CRS BLVD I, LC, which Comstack manages, according to a prepared statement. The loan has a 10-year term and an annual interest rate of 3.0 percent, and was utilized to retire the maturing construction loan provided by Citizens Bank.
Located at 1908 Reston Metro Plaza, the 448-unit BLVD I was developed by Comstock and opened in 2016, per the statement.
“The BLVD I tower is among the tallest buildings in the Dulles Corridor and has views stretching from the Blue Ridge Mountains to Tysons Skyline and beyond,” Chris Clemente, Comstock’s CEO, told Commercial Observer.
Located on Reston’s Metro Plaza, the building leaves residents near the north entrance of the Wiehle-Reston East Metro Station. The Metro Plaza is in the center of the Reston Station neighborhood and is home to a curated selection of dining, retail and service retail establishments.
Comstock also bought a one-acre empty land parcel from Fairfax County on behalf of CRS Sunset Hills, LC, which Comstock also manages, per the statement. The price was not disclosed.
“The acquisition represents the final of 32 individual parcel acquisitions consolidating eight-acres that will be developed by Comstock as Phase II of Comstock’s Reston Station development,” according to the prepared remarks.
Located at the intersection of Reston Station Boulevard and Wiehle Avenue, the property is opposite the Metro Plaza District at Reston Station and the Wiehle Reston-East Metro Station, per the company statement.
The Reston Row District has been given the go-ahead for roughly 1.35 million square feet of development. That square footage includes a 295-room Marriott branded hotel and condominium tower with a roughly 15,000-square-foot conference center and 90 condominiums.
“With most of the office space in Phase I of Reston Station being leased up in 2019, the final parcel acquisition clears the way for development of Phase II of Reston Station, which allows for two additional office towers to be delivered in the coming years to meet the significant demand for new office product adjacent to the Silver Line stations,” Clemente said.
In other news, Comstock has appointed Sharon Fitzgerald as its new managing director of commercial property management, responsible for the commercial property management functions related to Comstock’s assets.
This includes a stabilized portfolio of approximately 1.25 million square feet of office space and nearly 185,000 square feet of ground floor retail space, which will increase by 425,000 square feet with the completion of the Reston Station development.
Prior to joining the company, Fitzgerald spent 14 years with Tishman Speyer.
“I am excited that Ms. Fitzgerald has joined the Comstock team and I am confident that our commercial customer base will benefit from Ms. Fitzgerald’s leadership position within our commercial management group,” Clemente said.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
