WASHINGTON, DC—Last week HFF reported that it secured $95 million in financing for the development of BLVD at Reston Station on behalf of Comstock Partners. HFF's Walter Coker and Brian Crivella placed the 48-month construction loan with Citizens Bank.
To be sure, the 21-story, 448-unit, luxury apartment building is a significant, even signature, project for the DC area. It will be located atop the entrance of the Wiehle-Reston East Metro Station in Reston, VA--the last stop on Phase I of the new Silver Line. The building will be the inaugural phase of the Reston Station mixed-use development that will include 550,000 square feet of office space, a 200-room hotel and another multi-family residential building.
However, there have been other large-size construction loans placed over the past year: JBG landed a four-year $99.2 million loan for Atlantic Plumbing, an infill mixed-use development in Shaw from Capital One; Fisher Brothers obtained a 20-year, construction-to-permanent $100.7 million loan with an institutional investor represented by Cornerstone Real Estate Advisers, LLC, for 701 2nd Street Apartments; StonebridgeCarras secured $121.6 million in construction financing from Wells Fargo Bank for the development of 8300 Wisconsin in Bethesda, MD.
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