Rushmark Secures $114M for Metro DC Project
The community is scheduled for delivery in 2028.
Rushmark Properties has secured $114 million in construction financing for the development of a 305-unit multifamily community in Falls Church, Va. PNC Bank provided $92 million in senior construction financing, while FCP contributed $22 million in preferred equity.
Berkadia arranged the deal on behalf of the developer. The future community is part of a larger, 42-acre master-planned project in Fairfax County, which aims to convert former parking lots and abandoned buildings into a mixed-use neighborhood. Upon completion, the development will feature retail and office components, as well as senior housing units, condominiums, apartments for rent and townhouses for sale.
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Rushmark Properties’ seven-story multifamily development will enclose one- and two-bedroom residences averaging 878 square feet. Shared amenities will include coworking spaces, a game room, fitness center, yoga studio, swimming pool, clubroom and courtyard. The community is scheduled for delivery in 2028.
The multifamily property will rise adjacent to the West Falls Church Metro Station, just off the interchange between Interstate 66 and Virginia State routes 267 and 7. The thoroughfares connect the area to Arlington, Va. and downtown Washington, D.C., both within 11 miles east. Additionally, the community will be in proximity of several shopping centers, including West Falls, Birch and Broad, Tysons Corner, Mosaic District and Founders Row.
Washington, D.C.’s pipeline, lately
Earlier this month, another large-scale project in metro D.C. began to take shape. Greystar paid $27 million for a 34.2-acre land parcel in Fredericksburg, Va., to develop a master-planned area which will include two multifamily communities and a grocery-anchored shopping center.
Year-to-date through May, Washington, D.C., saw 4,101 multifamily units delivered, accounting for 0.6 percent of existing inventory, with 95 percent of deliveries being Lifestyle assets. The metro’s pipeline included 21,281 units under construction and another 235,000 units in the planning and permitting stages. By the end of 2026, D.C. expects another 7,200 units to be completed, according to a recent Yardi Matrix report.
