At a glance
- The financing retires a $292.9 million loan from Blackstone Real Estate Debt Strategies.
- Comstock earned about $2.6 million in debt origination fees in connection with the closing.
- The collateral is three buildings that are 100% leased to tenants including Google, CARFAX and Amentum, inside a mixed-use, transit-oriented development of about 90 acres.
Comstock Holding Companies refinanced the first three trophy office towers at Reston Station in Virginia with $299.1 million in gross proceeds. The financing retires a $292.9 million loan from Blackstone Real Estate Debt Strategies. The new debt carries a five-year term, made up of a two-year initial term plus three one-year extension options. Bank of America acted as lead manager and sole bookrunner, according to Connect CRE.
Comstock earned about $2.6 million in debt origination fees in connection with the closing. The proceeds top the retired Blackstone balance by roughly $6.2 million, or about 2.1%. The interest rate and lender group were not disclosed.
The collateral is three buildings that are 100% leased to tenants including Google, CARFAX and Amentum, inside a mixed-use, transit-oriented development of about 90 acres.
For allocators pricing office debt, the structure puts the first extension decision at the end of year two, not year five, so the towers face another financing test with the current rent roll as the evidence.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections