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Comstock Arranges $350M Financing Package to Refinance Office Towers at Reston Station

The capital markets group of Comstock Holding Companies, Inc., has completed a refinancing of the first three office towers developed by CHCI at Reston Station in Reston. In connection with the closing of the transaction, CHCI received approximately $2.6 million in debt and equity origination fees.

CHCI subsidiaries arranged the non-recourse construction take-out recapitalization package on behalf of Comstock Partners, LC, an affiliated, privately held company that which includes a $312-million senior loan provided by a Blackstone subsidiary and a $43-million preferred equity facility with a DivcoWest subsidiary. The recapitalization package replaces construction loans provided by Bank of America covering 1900, 1902, and 1906 Reston Metro Plaza.

Reston Station is a 60-acre transit-oriented, mixed-use development that is home to the first Silver Line Metro station in the Dulles Corridor. The Reston Station office properties involved in the deal are about 84% leased and include tenants Google, Rolls Royce N.A., ICF Global, Neustar, Spaces by Regus, Certipath and Megaphone, a Spotify subsidiary.

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Comstock Holding Companies, Inc.

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Financing
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