Comstock arranges $ 73 million Freddie Mac loan for BLVD I

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WASHINGTON and RESTON, Virginia, June 18, 2020 (GLOBE NEWSWIRE) – Comstock Holding Companies, Inc. (“Comstock” or “the Company”), has announced that its capital markets group has arranged a loan of $ 73 million with Federal Home Loan Mortgage Corporation (“Freddie Mac”) for the BLVD I luxury apartment tower located at 1908 Reston Metro Plaza at the center of Comstock’s Reston station development in Reston, Virginia. Comstock Real Estate Services, LC (“CRES”), a wholly owned subsidiary of Comstock, arranged the non-recourse construction loan on behalf of CRS BLVD I, LC, one of the companies managed by Comstock. The Freddie Mac loan replaces the maturing construction loan originally provided by Citizens Bank and has a ten-year term and an annual interest rate of 3.0%.

The 448-unit BLVD I was developed by Comstock and opened in 2016. Its location on the Metro Plaza de Reston positions residents a short walk from the north entrance of the Wiehle-Reston East metro station at the phase I terminus. of the Silver line of the metro. BLVD I Tower is one of the most well-developed apartment buildings in the Dulles Corridor, with an area of ​​21st Rooftop Residents’ Club which includes a fitness center, outdoor pool, club room, game room and demonstration kitchen. The property also includes an extensive sky-park on the 9th floor with several gas cooking stations, an outdoor service kitchen, dining rooms, restrooms, landscaped gardens and a large open grass area. The lobby level of the BLVD Tower features 24-hour concierge service, self-service package room, resident business center, conference room, library, and several social spaces. The property is also equipped with a secure garage, and indoor and outdoor dog parks.

Comstock, through its real estate services subsidiary, CDS Asset Management Comstock (“CDS”), also announced that it has completed the purchase of a vacant parcel of Fairfax County land on behalf of another of the companies managed by Comstock, CRS Sunset Hills, LC (“CRS”). The approximately 1 acre parcel is located at the intersection of Reston Station Blvd and Wiehle Avenue directly across from the Metro Plaza @ Station Reston and the Wiehle Reston-Est metro station. The acquisition represents the latest of 32 acquisitions of individual parcels consolidating 8 acres that will be developed by Comstock as part of Phase II of Comstock’s Reston station development. The Company plans to begin development of Phase II, which will be known as The Reston Row area at Reston Station, In the coming months. The Reston Row neighborhood is approved for approximately 1.35 million square feet of development, including a 295-room full-service hotel and Marriott-branded condominium tower with an approximately 15,000 square foot conference center occupying the entire 2sd floor and 90 condominiums located at the top of the hotel / condo tower. Additionally, plans for the next phase of the Reston station include two new Class A office buildings, approximately 300 apartments, additional retail, several outdoor social spaces and a large central park, as well as two parking garages.

In 2019, Comstock’s Reston station development was among the most active leases in the Washington, DC area, with Comstock securing over 500,000 square feet of office leases with a number of high quality tenants, including Google, Neustar, ICF International, Spaces de Regus, Rolls Royce, CACI, Kimley Horn, SAIC, Certipath, Megaphone and others. Current and upcoming retail and service oriented tenants include Starbucks, CVS, Founding Farmers, Davio’s Italian Steakhouse, Matchbox, Big Buns Burgers, Wells Fargo, M&T Bank, Salon Nordine and a dedicated vehicle super charging station. electric. Comstock is currently negotiating with several well-known office and retail tenants, and additional lease announcements are expected in 2020.

“We are delighted to report on the continued progress at Reston Station,” said Chris Clemente, CEO of Comstock. “These recent transactions, along with the upcoming development of the next phase of the Reston station, are in line with our mission to improve shareholder value, as every transaction and new development activity generates fee-based revenue that add to the increased cost in the long run. asset management contract covering our “anchor portfolio”, which includes the Reston station and other assets. These development activities, as well as our acquisition of stabilized buildings, further increase our assets under management.

About Comstock Holding Companies, Inc.

Comstock Holding Companies, Inc. (Nasdaq: CHCI) is a real estate development, asset management and real estate services company that has designed, developed, built and managed several thousand residential units and millions of square feet of projects residential and mixed-use throughout the Washington, DC metro market since 1985. In 2019, Comstock completed the divestiture of its home-for-sale construction operation to focus exclusively on commercial real estate investment, development, management of assets and services related to real estate. The anchor of CHCI’s transition is a long-term asset management agreement covering two of the largest mixed-use transit-focused developments in the Washington, DC area; Reston Station, a mixed-use and transit-focused development of over 5 million square feet in Reston, Va., And Loudoun Station, a mixed-use and transit-focused development of nearly 2 million square feet , 5 million square feet in Ashburn, Virginia, and additional development assets. Comstock has extensive experience in granting, designing, developing and managing a diverse range of properties, including mixed-use properties (commercial and residential), hotels, apartments, condominiums and commercial parking lots. and large-scale infrastructure projects.

Comstock Holding Companies, Inc. is listed on the NASDAQ under the symbol CHCI. For more information visit www.ComstockCompanies.com.

About Reston station

Strategically located midway between Tysons Corner and Dulles International Airport, Reston Station is one of the largest mixed-use and transit-oriented developments in the Washington, DC area. Covering over 40 acres spanning the Dulles Toll Road and surrounding the Wiehle-Reston East subway station at the phase I terminus of the Subway’s Silver Line, the Reston station is home to the first building designed by Helmut Jahn in Virginia and features additional trophy-class buildings by the world-class design team at HKS. With several residential buildings completed, under construction and planned, the Reston Station neighborhood will offer a wide variety of housing options to thousands of residents while two major branded hotels will serve short-term and long-term visitors. Founding Farmers, Starbucks. Matchbox, Big Buns Burgers, and Davio’s Northern Italian Steakhouse are open and / or upcoming, while CVS and other service-oriented retailers will provide additional amenities for residents, office workers and commuters. For more information on Reston station, visit www.RestonStation.com.

Caution regarding forward-looking statements

This press release may include “forward-looking” statements that are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of words such as “anticipate”, “believe,” “” Estimate “,” may “,” intend “,” expect “,” will “,” should “,” research “or other similar expressions. Forward-looking statements are based in large part on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. A number of important factors could cause actual results to differ materially from those of forward-looking statements. Additional information regarding material risk factors and uncertainties can be found under the heading “Risk Factors” in our latest Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Comstock specifically disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Comstock Entreprises Media contact
Shanna wilson
[email protected]
917-674-3096

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