Rushmark Properties Secures $114 Million Loan From PNC Bank For 305-Unit Development Site

The asset involved is a development site located at 7040 Haycock Road in Falls Church, VA. The project consists of 305 luxury apartment units, with a total transaction value of $136 million. PNC Bank and Federal Capital Partners served as the lenders for the construction loan amounting to $114 million for this development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $136,000,000
• Loan Amount: $114,000,000
• Units: 305
• Address: 7040 Haycock Road
• Market: Falls Church, VA
• Lender: PNC Bank, Federal Capital Partners
• Landlord: Rushmark Properties
• Brokers: Patrick McGlohn, Brian Crivella, Yalda Ghamarian, Brian Gould, Bill Gribbin & Patrick Cunningham - Berkadia

Berkadia arranged the financing for Rushmark Properties, facilitating the development of this site near the West Falls Church Metro Station. The brokers involved in this transaction played a key role in putting together the financing and supporting the development efforts in Virginia.