CHEVY CHASE, Md. – March 20, 2019 – Berkadia today announced the closing of a $89.94 million construction loan for Faraday Park at Reston Station – East and West, a soon-to-be-built 407-unit mixed-use property in Reston, Virginia.
Senior Managing Director J. Tyler Blue, Managing Director Paul Wallace and Associate Director Jimmy Meadows of Berkadia’s Chevy Chase, Maryland office secured the loan from CapitalOne on behalf of the Borrower.
The West Parcel, located at 1831 Michael Faraday Drive, will contain 242 units and 9,748 square-feet of retail space. The East Parcel, located at 11111 Sunset Hills Road, will contain 165 units and is expected to deliver in late 2020.
Faraday Park at Reston Station – East and West is essential to the coordinated transformation of approximately 30 acres of land bounded by Wiehle Avenue, Sunset Hills Road and the Dulles Airport Access Road. The area will evolve from existing low-rise offices surface parking lots into a vibrant, walkable transit-oriented community with close proximity to the Wiehle-Reston East Station on the Metro Silver Line.
Both the East and West buildings will feature landscaped interior courtyards. The West building will provide a rooftop pool, a cabana and a sun deck, all which are accessible to residents of both buildings. Faraday Park at Reston Station – East and West will have a large active park that will be privately owned but publicly accessible on the south side of the combined site. This park will connect directly to Reston Station Boulevard via two linear parks, or mews, which will provide a landscaped buffer between the East and West buildings.