RESTON, Virginia, October 04, 2021 (GLOBE NEWSWIRE) – Comstock Holding Companies, Inc., (NASDAQ: CHCI) (“CHCI” or “Comstock”) announced that on September 29, 2021, its Capital Markets Group had completed a refinancing of the first three Trophy Class office towers developed by CHCI at Reston Station, the 60-acre mixed-use transit-focused development that houses the first Silver Line metro station in the Dulles Corridor. As part of the closing of the transaction, CHCI received approximately $ 2.6 million in debt and equity origination costs.
CHCI Subsidiaries organized the Non-Recourse Construction Recapitalization Program on behalf of Comstock Partners, LC, a private affiliate (“Partners”), which includes a senior loan of $ 312 million provided by a subsidiary from Blackstone and a $ 43 million preferred share facility loan with a subsidiary of DivcoWest. The recapitalization program replaces the construction loans provided by Bank of America covering 1900, 1902 and 1906 Reston Metro Plaza (the “RMP Offices”). RMP offices are approximately 84% leased and include many high quality tenants including Google, Rolls Royce NA, ICF Global, Neustar, Spaces by Regus, Certipath and Megaphone, a subsidiary of Spotify. Retail tenants serving the RMP offices include Starbucks, CVS, Founding Farmers, matchbox, Bigs Buns Burgers and Salon Nordine.
The DivcoWest transaction related to the Reston station represents the second transaction between Comstock and DivcoWest, following their joint venture purchase last year of the Hartford building, a 211,000 square foot Class A office tower located at the metro station Clarendon in the Rosslyn-Ballston Corridor of Arlington County.
CHCI acts as the developer, asset manager and property manager of a portfolio of approximately 7.5 million square feet of partner-owned stabilized and developing properties, representing estimated assets under management of approximately 3 . $ 0 billion to complete construction (the “Anchor Portfolio”). The Anchor portfolio primarily includes mixed-use properties located adjacent to major metro stations in the Dulles Corridor in the Northern Virginia suburb of Washington, DC. Additionally, CHCI, through its institutional venture capital platform, acquires and manages stabilized properties with a focus on mixed-use, transit-oriented assets throughout the Washington, DC area.
“Building long-term relationships with top capital providers such as Blackstone and DivcoWest is part of our key strategic initiatives and we believe the financial commitment of these market leaders to Comstock and Reston Station affirms the preeminence of our portfolio of offices in the Dulles Corridor, ”commented Chris Clemente, President and CEO of CHCI. “The closing of this long-planned recapitalization in an attractive interest rate environment allows us to accelerate the recently started development of the next phase of Reston Station while also focusing on aggressively scaling up asset acquisitions. multi-family in our institutional venture capital platform. We look forward to updating the market in the very near future on our progress on this front as we continue to focus on creating value for all stakeholders at Comstock ”.
CHCI has partnered with Eastdil Secured, a financial advisory services firm, on the Blackstone mission. Herb Mansinne and Robert VeShancey of Jones Lang LaSalle, a full-service commercial real estate services company, provide rental services to RMP offices.
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, acquired and managed several thousand residential units and millions of square feet residential and mixed-use buildings. projects throughout the Washington, DC metro market since 1985. CHCI’s managed portfolio includes 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, Va., And additional development assets.
CHCI is a full-service, vertically integrated real estate development and asset management company with wholly owned subsidiaries that provide a wide range of real estate related services including asset management, advisory services strategic capital markets, development and construction management, marketing and rental services, office and retail property management, residential property management, commercial garage management and other related services. real estate. The Company’s asset management services are generally provided under long-term contracts which provide CHCI with co-investment opportunities, current period income and performance-based incentives.
Comstock Holding Companies, Inc. is listed on the NASDAQ under the symbol CHCI. For more information visit www.ComstockCompanies.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.
Company: Comstock Holding Companies, Inc. Christopher Guthrie, 703-230-1292 Chief Financial Officer
Source: Comstock Holding Companies, Inc.