Weekly Real Estate News
Comstock Holding Companies announced October 29 that it completed a $299.1 million refinancing of three office towers at Reston Station in Reston, Virginia, replacing existing debt and extending financing for the fully leased properties.
According to Comstock’s release, Bank of America served as lead manager and sole bookrunner for the refinancing of 1900, 1902 and 1906 Reston Metro Plaza. Eastdil Secured Savills assisted with the transaction.
New Debt Replaces Blackstone Loan
The new financing has an initial two-year term with three one-year extension options, for a potential five-year duration. Comstock said some net proceeds repaid a $292.9 million loan from Blackstone Real Estate Debt Strategies. The company earned approximately $2.6 million in debt-origination fees in connection with the closing.
The buildings are fully leased and house corporate or regional offices for tenants including Google, ICF and CARFAX, the company said. Comstock did not disclose the interest rate in its announcement.
What It Signals
Large refinancings remain possible for well-leased office assets despite broader concerns about office-property debt. This transaction concerns three specific properties and should not be interpreted as evidence that financing conditions have normalized across the office sector.
Simple Content Summary
Comstock completed $299.1 million in refinancing for three fully leased Reston Station office towers, replacing a $292.9 million Blackstone loan with financing led by Bank of America.
