ACRES Provides a $95 Million Construction Loan for a Property in Annandale, VA
FEBRUARY 05, 2026Loan to fund a Class A Multifamily Development in Virginia.
Annandale, VA – (2026) — ACRES Capital Corp. (together with its affiliates “ACRES”), announced today that it has provided a $95.0 million loan to finance the construction of Eastgate Apartments, a Class A mid/high-rise multifamily development located in Annandale, Virginia (the “Property”).
Upon completion, Eastgate Apartments will consist of 272 apartment units, 9,600 square feet of ground-floor retail, and a structured parking garage with 427 parking spaces. The retail component of the project will be anchored by The Block Food Hall, along with additional restaurant tenants, all of which are expected to be fully leased upon project delivery. Construction commenced in 2025, and completion is anticipated in 2027.
“Eastgate Apartments represents a high-quality development in a severely supply-constrained submarket with strong long-term fundamentals,” said Mark Fogel, Chief Executive Officer and President of ACRES. “The Property’s central location in Annandale, proximity to major employment centers, and best-in-class design and amenities position it to meet significant pent-up demand for new multifamily housing in Northern Virginia. This transaction benefits from our partnership with a well-capitalized and experienced sponsor group.”
