Comstock Secures New Loan For BLVD I, Buys Reston Row Parcel

RESTON, VA — Comstock Holding Companies' capital markets group secured a $73 million loan with Federal Home Loan Mortgage Corporation (Freddie Mac) for the BLVD I luxury apartment tower, which is located at 1908 Reston Metro Plaza. The new 10-year loan replaces a maturing construction loan provided by Citizens Bank.

In 2016, Comstock opened the 448-unit BLVD I, which is close to the north entrance of the Wiehle-Reston East Metro Station at the Phase I terminus of Metro's Silver Line.

Comstock's real estate services subsidiary, CDS Asset Management Comstock, also recently purchased a 1-acre vacant parcel of land from Fairfax County for CRS Sunset Hills, LC, which is another of Comstock’s managed companies. The property is the last of 32 individual parcels Comstock purchased, consolidating 8-acres of land to be developed as Phase II of Comstock's Station development.

Phase II will be known as The Reston Row District @ Reston Station. Approved for approximately 1.35 million square feet of development, The Reston Row District will include a 295-room Marriott branded hotel and a condominium tower, which features a conference center and 90 condominiums. The development will also include two Class-A office buildings and approximately 300 apartments, along with retail, outdoor social spaces, a park, and two parking garages.

“We are excited to report on the continued progress at Reston Station,” said Chris Clemente, CEO of Comstock, in a release. “These recent transactions, as well as the upcoming development of the next phase of Reston Station is consistent with our mission of enhancing shareholder value as each transaction and new development activity generates fee based revenue that is additive to the cost-plus, long-term asset management agreement covering our 'Anchor Portfolio', which includes the Reston Station and other assets. Such development activities, as well as our acquisition of stabilized buildings, further increases our assets under management.”