Dealmaker: C&W Arranges $88M in Reston, Va.

Cushman & Wakefield, New York, secured $88 million for The Harrison at Reston Town Center, a 360-unit Reston, Va., apartment community.

Executive Managing Director Philip Mudd and Senior Vice President Bradley Geiger arranged the permanent financing on behalf of Renaissance Centro Reston LLC, Reston. A life company provided the 15-year mortgage. Law firm Grossberg, Yochelson, Fox and Beyda represented the owner on the loan closing.

Mudd said Renaissance Centro principals Albert Small Jr. and Doug Erdman have built all the multifamily product on the east side of Reston Parkway. “Their sponsorship was an immediate draw for a host of different lenders, including life companies and various banks,” he noted.

The Harrison at Reston Town Center opened in February and recently reached 75 percent occupancy. The community includes two Class A 14-story buildings within walking distance of the Reston Town Center and the future Reston Town Center Metrorail station.

In a separate deal, C & W represented Boston Properties when the real estate investment trust sold 505 Ninth Street NW in Washington, D.C. for $318 million.

Vice Chairmen Bill Collins and Paul Collins and Executive Managing Directors Jud Ryan, James Cassidy and Drew Flood brokered the transaction. The 325,000-square-foot office building in Washington’s East End submarket stands midway between the White House and the U.S. Capitol Building.