Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”), a leading real estate company specializing in the development, acquisition, operation, and management of mixed-use, transit-oriented properties and data center developments, today announced that it has completed a comprehensive refinancing on behalf of Comstock Partners, LC, an affiliated, privately held company, for the first three Trophy-Class office towers delivered at Reston Station: 1900, 1902 and 1906 Reston Metro Plaza in Reston, Virginia. The Company earned approximately $2.6 million in debt origination fees in connection with the closing.
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 $299.1 million, with a portion of the net proceeds used to fully repay a $292.9 million loan provided by Blackstone Real Estate Debt Strategies. The Company also partnered with Eastdil Secured Savills, a financial advisory services firm, on the engagement. Bank of America served as lead manager and sole bookrunner for the refinancing.
The three office towers included in the refinancing are 100% leased and are corporate or regional headquarters for numerous high-quality industry leading companies, including Google, ICF, CARFAX, FM, Amentum, and more.
“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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