WASHINGTON, DC - Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it secured an $85 million construction loan for Parc Reston, a to-be-built multifamily project consisting of two 14-story high-rise structures in Reston, Virginia. The loan was provided by a consortium of lending institutions led by Capitol One Bank. Philip Mudd, Christian Miles, David Webb, Brad Geiger and Jamie Butler secured the financing on behalf of Renaissance Centro Reston, LLC. The law firm of Grossberg, Yochelson, Fox and Beyda represented the owner on the loan closing.
Parc Reston recently broke ground and is exceptionally located across from the dynamic Reston Town Center and close to the future Silver Line Metro station The residential project will feature 360 units consisting of spacious one, two and three bedrooms with luxury amenities including expansive windows, gourmet kitchens with granite countertops, and full-size washers and dryers. In addition, residents will have access to two swimming pools (indoor and rooftop), an ultramodern fitness center, Cyber Café, executive business and conference center, media room, virtual golf and on-site concierge.
"The principals of Renaissance Centro, Albert Small Jr. and Doug Erdman, have built all of the multi-family product on the east side of Reston Parkway opposite the Reston Town Center," said Phil Mudd. "Their sponsorship was an immediate draw for a host of different lenders, including life companies and various banks," he continued.
"Cassidy Turley's leasing agents have trumpeted the exceptional performance of Reston Town Center for years," said Christian Miles. "By bringing lenders to the Town Center marketing center, they could easily see how appealing it would be for residents of Parc Reston to live in walking distance to the RTC," he added.
"Since we were able to get a lengthy term on the loan following completion," said David Webb, "we explored a number of different interest rate hedging strategies for the borrower. As a result, the borrower has significant flexibility and attractive low rates for an extended period," he explained.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.