Comstock Holding Companies has completed a $299.1 million refinancing for the first three Trophy-Class office towers delivered at Reston Station in Reston, Virginia.
The refinancing was completed on behalf of affiliated privately held company Comstock Partners and covers 1900, 1902, and 1906 Reston Metro Plaza.
Bank of America served as lead manager and sole bookrunner, while Eastdil Secured Savills worked with Comstock on the financing.
The new debt has a five-year structure consisting of an initial two-year term and three one-year extension options.
A portion of the refinancing proceeds was used to fully repay a $292.9 million loan previously provided by Blackstone Real Estate Debt Strategies.
Comstock earned approximately $2.6 million in debt origination fees in connection with the closing.
The three office buildings are fully leased and serve as corporate or regional headquarters for tenants including Google, ICF, CARFAX, FM, Amentum, and other companies.
Reston Station covers approximately 90 acres around the Wiehle-Reston East Metro station on the Silver Line and is one of the largest mixed-use, transit-oriented developments in the Mid-Atlantic region.
Its initial phases include five Trophy-Class office buildings, two high-rise apartment towers, and a 28-story JW Marriott development containing a hotel and residences. Retail, dining, fitness, and wellness tenants include VIDA Fitness and Spa, Founding Farmers, Davio’s Northern Italian Steakhouse, Starbucks, CVS, and other businesses.
Following the refinancing, Comstock plans to focus on permitting and development for the next phase of Reston Station, which is expected to include additional office and residential towers.
The transaction demonstrates continued lender appetite for high-quality, fully occupied office properties despite broader challenges in commercial real estate financing and office market fundamentals.
KEY QUOTE:
“Refinancing these three Trophy office towers during a tumultuous time in the financial markets is a strong statement about the quality of Reston Station and the tenants who have chosen to call it home.”
Christopher Clemente, Chairman And CEO Of Comstock
