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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.
- ◦Financing
