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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.”
- ◦Development
- ◦Financing
