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Comstock Refinances Three Office Towers at Reston Station
Comstock Holding Companies, Inc. has completed a comprehensive refinancing for the first three trophy office towers delivered at Reston Station in Virginia.
The company earned approximately $2.6 million in debt origination fees in connection with the closing. “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,” said Christopher Clemente, Chairman and CEO.
The new financing has a five-year term, comprised of a two-year initial term plus three one-year extension options. Total gross proceeds for the refinancing were $299.1 million, with a portion of the net proceeds used to fully repay a $292.9 million loan provided by Blackstone Real Estate Debt Strategies. Comstock partnered with Eastdil Secured Savills on the transaction, and Bank of America served as lead manager and sole bookrunner for the refinancing.
The three office towers included in the refinancing are 100% leased to companies including Google, CARFAX, and Amentum. Reston Station is a mixed-use, transit-oriented development in the Mid-Atlantic region, covering approximately 90 acres.
