PCCP 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 and 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 mi
