The Harrison apartment community at Reston Town Center gets $88 million in financing.
Cushman & Wakefield said Wednesday that it has secured $88 million in financing for The Harrison at Reston Town Center, a luxury residential apartment development.
Executive Managing Director Philip Mudd and Senior Vice President Bradley Geiger of Cushman & Wakefield arranged the permanent financing on behalf of Renaissance Centro Resto LLC. A life company provided the 15-year mortgage. The law firm of Grossberg, Yochelson, Fox and Beyda represented the owner on the loan closing.
“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,” Mudd said in a statement.
“Their sponsorship was an immediate draw for a host of different lenders, including life companies and various banks.”
The Harrison at Reston Town Center is a residential development with two 14-story high-rise buildings located in downtown Reston. It is within walking distance to the Town Center and the future Reston Town Center Metrorail station on the Silver Line.
Totaling 360 units with two levels of parking, the area offers access to 50 retailers and 30 restaurants. Amenities at the buildings include a pedestrian tunnel to Reston Town Center, two swimming pools, a fitness center with massage room, a demonstration kitchen and resident dining room, private bike storage, a dog spa and dog park, on-site concierge, private parking garage and electric car charging stations.
The community is located near the intersection of Reston Parkway and the Dulles Toll Road, with access to Fairfax County Parkway, I-495 and Route 66. It opened in February 2015 and, according to Cushman & Wakefield, is 75% leased. Community Realty Co Inc. is providing leasing and property management services.