Comstock Refinances First Three Trophy-Class Office Towers at Reston Station
Comstock earned approximately $2.6 million in debt origination fees for arranging financing for its privately held affiliate.
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Bank of America-led effort secures
CHCI to now focus on permitting and development of the next phase of Reston Station that will include additional Trophy-Class office and residential towers
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
The three office towers included in the refinancing are
"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 Chief Executive Officer of Comstock. "We brought together best-in-class partners Bank of America and Eastdil Secured Savills to execute this significant financing, further demonstrating the capability of our vertically integrated operating platform to drive significant value for our asset-owner clients and shareholders alike."
Reston Station is among the largest and most prominent mixed-use, transit-oriented developments in the Mid-Atlantic region, covering approximately 90 acres spanning across the Dulles Toll Road and surrounding the Wiehle-Reston East Station on Metro’s Silver Line. Its first two phases feature five Trophy-Class office buildings, two luxury high-rise apartment towers, and Virginia’s first and only JW Marriott – a 28-story tower that includes the world-class JW Marriott Reston Station hotel and the ultra-premium JW Marriott Residences, both of which set the new standard for luxury in the D.C. region. A growing collection of signature dining, retail, and wellness options include a 55,000-square-foot VIDA Fitness and Spa, Founding Farmers, Davio’s Northern Italian Steakhouse, The Simon Restaurant and Schar Bar, Starbucks, CVS, and more. Coming this fall is Ebbitt House, the first-ever expansion of D.C.’s iconic Old Ebbitt Grill brand. For more information, please visit RestonStation.com.
About Comstock
Comstock (Nasdaq: CHCI) is a leading real estate company specializing in the development, acquisition, operation, and management of mixed-use, transit-oriented properties and data center developments. With over four decades of industry expertise, Comstock's vertically integrated operating platform delivers long-term value across a rapidly growing portfolio of premier properties that includes two of the most prominent mixed-use, transit-oriented developments in the Mid-Atlantic region. Leveraging its scalable, asset-light, debt-free business model, Comstock has strategically expanded into large-scale AI and digital infrastructure development and established an active position in one of the real estate industry's top-performing segments. For more information, please visit Comstock.com.
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Investor: investorrelations@comstock.com
Media: publicrelations@comstock.com
Source: Comstock Holding Companies, Inc.