Pacific Western Provides $128M Construction Loan for Falls Church Apartment Project
Pacific Western Bank has provided a $127.5 million senior construction loan for the development of a 675-unit apartment project in Falls Church, VA.
An affiliate of Wolff acquired three existing office towers, currently known as Skyline Towers, in Falls Church, in late 2019 with the intention of converting all three buildings into 675 rental apartments with ground floor retail. A portion of the apartment units will be live/work apartments, with dedicated office space that will appeal to an evolving portion of the workforce that will work remotely full or part-time.
“PWB is pleased to partner with The Wolff Company on this project, which expands on our long-standing relationship,” said Thomas Whitesell, Group Head of Pacific Western Bank’s National Lending Real Estate team. “The combination of Wolff and their local partner, Highland Square Holdings, will ensure a well-conceived and well-executed business plan delivers high quality housing to the market.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!