PCCP, LLC PROVIDES $71.8 MILLION SENIOR LOAN TO FINANCE THE DEVELOPMENT OF A 306-UNIT MULTIFAMILY COMMUNITY IN RESTON, VIRGINIA
New York, NY, July 2, 2019 – PCCP, LLC announced today it has provided a $71.8 million senior loan to finance the development of Woodfield Reston, a fully entitled eight-story 306-unit multifamily community with an above-ground, structured parking garage along the Dulles Toll Road in Reston, VA. The property is being developed by Woodfield Development, a leading multifamily development firm that is active across the Mid-Atlantic and Southeast, and joint venture partner, German American Realty, a family-owned and operated investment manager specializing in developments and acquisitions of existing multifamily communities with value-add potential. Construction has now commenced with completion anticipated for mid-2021.
Located on 3 acres at 1925 Roland Clarke Place, the property sits in a convenient location just one-half mile to the Wiehle-Reston Metro Station and the future Reston Town Center Metro which is set to complete in 2020. Reston is a transit-oriented, infill suburb just 22 miles west of downtown Washington, D.C.
“This project represents an attractive opportunity for PCCP to lend to a highly institutional and experienced partnership in a well-located and affluent D.C. suburb,” said Ryan Dodge, vice president with PCCP. “Woodfield Reston will appeal to renters seeking a quality, amenity-rich community near a diverse and dense employment base at a price point that is less than nearby markets.”
Woodfield Reston is designed to offer a large amount of indoor and outdoor amenity space along with very sophisticated finishes for the apartments and the indoor amenities. The indoor amenities will have an industrial finish with tall exposed concrete ceilings and exposed duct work on the first two levels of the project. The first level will feature an open Wi-Fi lounge, coffee bar and private work stations overlooking a large outdoor park that fronts the project. There will also be a more than 2,000-sf fitness center on two levels. On the lower terrace level there will be at clubroom and bar that opens up to the large courtyard. The third floor will feature a heated rooftop pool with sunning shelf and a bar; residents will be able to enjoy the outdoor fireplace and game room with a beer tap adjacent to the pool courtyard year-round. The seventh floor will have an indoor/outdoor sky-lounge designed as a sophisticated wine bar; the indoor space will open up onto the outdoor deck with an expandable glass door. The community will also include a number of other amenities, including but not limited to a dog spa, fenced dog yard, 7,000-sf plaza with splash pad, outdoor fitness center, outdoor grills, fire pits, fire table, indoor bike storage and a borrowing center with bikes and kayaks for residents’ use.
The units will consist of studio, one-bedroom and two-bedroom floorplans. Some unit interiors will feature exposed concrete ceilings and exposed ductwork. Standard apartments will have granite counters in the kitchens and baths, stainless steel modern appliances, a hand molded tile kitchen backsplash, tall light grey cabinets, luxury vinyl plank flooring, USB ports in the bedrooms and five panel interior doors. Eighty units on the top floor will be feature premium upgrades with quartz countertops, undercounter lighting, black plumbing fixtures, dark gray cabinets, a brick tile accent wall in the living rooms and upgraded refrigerators with French doors and exterior water dispenser.
The Reston area is bifurcated by the Dulles Toll Road, which provides direct access to several major highways including the I-495 Capital Beltway, I-66, I-95 and I-395. Reston has emerged as a live, work, play environment in recent years due to the Silver Line Metro expansion in 2014. While Reston still plays to its suburban identity and features expansive parks, lakes, and golf courses, residents are supported with a strong amenity base, including one of Northern Virginia’s premier mixed-used developments, Reston Town Center, which features over 2.5 million sf of office, 518 hotel rooms and 425,000 sf of retail/entertainment options. Additionally, the Reston/Herndon office submarket has become the largest employment center in Northern Virginia, and has emerged as a hub for tech-oriented companies such as General Dynamics, BAE Systems, Unisys, Oracle, Microsoft, SAP, and has recently seen major leases with Amazon Web Services and Google.