Fairfax Lands $100M Apartment Project Financing
Project Overview and Financial Details In an audacious move, developers have unveiled plans for *The Botanist*. This new residential development will bring 260 apartment units to Fairfax, Virginia. Located on a 3-acre surface parking lot at 10350 Eaton Place, the project addresses local housing gaps. It comes amidst regional return-to-office trends. The financial details are impressive. Construction financing includes a $60 million loan from CIBC Bank USA. This forms part of a $100 million capital stack. This project is a rare multifamily financing feat in Northern Virginia. There is a notable equity investment of $40 million by Middleburg Communities and Capital City Real Estate. The 90% limited partner's contribution indicates strong investor confidence. The area's multifamily market is experiencing growth amid a booming suburban environment. Despite Northern Virginia's slower construction market compared to D.C., developers remain optimistic due to the limited new suppl...