Berkadia Arranges $114M in Debt & Equity Financing for Rushmark to Build Transit-Oriented Multifamily Community in Falls Church, Virginia
Washington D.C. – August 28, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today that it arranged $114 million in debt and equity financing for developer Rushmark Properties to build a 305-unit Class A multifamily community rising adjacent to the West Falls Church Metro Station in Falls Church, Virginia.
The $136 million project, set to open in 2028, is part of a larger master planning effort across 42 acres in Fairfax County and the City of Falls Church to redevelop former parking lots and obsolescent buildings into a mixed-use neighborhood encompassing retail, commercial office, apartments, senior living, for-sale condominiums and for-sale townhomes.
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, a seasoned developer with more than 20 completed projects and extensive experience in Northern Virginia.
The financing includes a $92 million senior construction loan provided by PNC and $22 million in preferred equity from FCP.
“Rushmark will create high-quality multifamily housing in one of Northern Virginia’s most established and well-connected communities,” said Crivella. “The project’s immediate proximity to the West Falls Church Metro Station, strong surrounding demographics and limited near-term multifamily supply made it an exceptional investment.”
“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.”
Areas surrounding Metro stations are a catalyst for economic activity. Station areas account for only 3% of the region’s land, but they make up about 30% of the region’s property value ($330 billion), 30% of annual property tax revenue ($3.2 billion), and host 40% of jobs (960,000), according to a 2024 Metro study.
“We applaud Rushmark Properties and Federal Capital Partners for this investment in transit-oriented development. This partnership creates economic opportunities through jobs and new tax revenues,” said Metro General Manager and CEO Randy Clarke. “More housing near transit means more access to opportunity, stronger transit ridership, less traffic on our roads, and a better quality of life for residents across the region.”
The Falls Church/Vienna Class A multifamily market has demonstrated sustained rental growth, with rents increasing more than 4 percent in 2025 following growth of more than 5 percent in 2024. The Falls Church submarket also benefits from affluent demographics, with household incomes above $150,000 and median home values exceeding $800,000.
Located at the corner of Falls Church Drive and West Falls Station Boulevard, the seven-story community will offer a mix of one- and two-bedroom apartments averaging approximately 878 square feet. Amenities will include work-from-home spaces, a clubroom, speakeasy and game room, resort-style swimming pool, fitness center with yoga studio and a residential courtyard.
Located one block from the West Falls Church Metro Station, the property will offer residents direct access to Washington, D.C., Tysons and other major Northern Virginia employment centers via Metro’s Orange Line, along with convenient access to Route 7, I-66 and I-495. Residents will also be near major shopping and dining destinations including West Falls, Birch and Broad, Tysons Corner, Mosaic District and Founders Row.