Berkadia, Comstock Arrange $78M Loan in DC

The transit-oriented development is part of a 1 million-square-foot mixed-use property.

BLVD Loudoun Station.

BLVD Loudoun Station.

Berkadia Commercial Mortgage LLC and Comstock Holding Cos. Inc. have arranged a $77.5 million refinancing loan for Comstock Partners LC’s Phase II of its 1 million-square-foot BLVD Loudoun Station development, BLVD Gramercy East and BLVD Flats, two transit-oriented luxury apartment communities totaling 318 units located at 22050 Eastside Dr. in Ashburn, Va. The joint venture structured a 10-year, 4.5 percent fixed-rate loan on behalf of the owner, which plans to add another 1.5 million square feet of space to the project.

BLVD Gramercy East and BLVD Flats were built in 2020 and offer a 357-unit mix of studio, one- and two- bedroom living arrangements that range between 544 and 1,215 square feet of space. Part of Comstock’s BLVD line of luxury multifamily communities, the apartments feature private patios and balconies, chef-inspired kitchens, hardwood floors and in-house laundry machines. Within both BLVD Gramercy East and BLVD Flats, residents have access to a swimming pool, a fitness center, an indoor basketball court, private lounges, a game room and controlled-access parking. Additionally, Phase II contains over 19,000 square feet of retail space, with the greater community hosting over 61,000.

The larger BLVD Loudoun Station Development totals 657 units within 639,627 square feet, spread over five buildings and 6.7 acres of land, according to CommercialEdge information. The only community in Loudoun County to be connected directly to Washington, D.C., public transportation, the development offers quick access to the Washington Metropolitan Area Transit Authority Silver Line and is within 25 miles of the city center.

Berkadia Senior Managing Director Patrick McGlohn, Vice President Miles Drinkwalter and Senior Real Estate Analyst Joyce Connolly spearheaded the refinancing procurement.

DC’s multifamily dominance

With one of the largest development pipelines in the country of 37,345 units and $1.9 billion in trades through the first five months of the year, Washington, D.C.’s multifamily market has seen no shortage of supply and demand, according to data from a July 2022 Yardi Matrix report. Upscale properties have accounted for a large portion of these high marks, comprising the majority of the total 4,984 units delivered in the first half of the year, the report shows.

Other recent high-profile luxury transactions from around the area include Boston Properties’ sale of The Avant, a 359-unit luxury community in Reston, as well as Washington Spring Property Co.’s opening of a 27-story, 403-unit tower in Sliver Spring, Md.

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