Dealmaker: Berkadia Arranges $114M in Debt, Equity Financing for Virginia Multifamily Community

(Image courtesy of Berkadia)

Berkadia, Ambler, Pa., announced it arranged $114 million in debt and equity financing for a developer, Rushmark Properties, to build a Class A multifamily community in Falls Church, Va.

The project, which is set to open in 2028, is part of a larger master planning effort in the Washington, D.C., suburb.

The financing includes a $92 million senior construction loan provided by PNC and $22 million in preferred equity from FCP.

Senior Managing Directors Patrick McGlohn and Brian Crivella, Managing Directors Yalda Ghamarian, Brian Gould and Bill Gribbin, and Vice President Patrick Cunningham of Berkadia DC Metro led the transaction on behalf of Rushmark Properties.

“Capital is available for high-quality multifamily development, but lenders and equity investors remain highly selective,” said McGlohn. “For well-capitalized, experienced sponsors pursuing projects in markets with strong fundamentals, we’re seeing competitive interest from multiple sources of capital. Rushmark’s experience in the market provided a strong foundation for the financing.”