# Middleburg

Middleburg is an Asset Manager based in Vienna, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Vienna, United States
- **Region:** North America
- **Address:** Vienna, Virginia, United States
- **Founded:** 2016
- **Assets under management:** Undisclosed
- **Website:** middleburg.com

## Regulatory record

- **Reports private funds:** No

## About

Middleburg was established in 2016 by Christopher Finlay, who previously held leadership roles at Lennar and served as managing partner of a private real estate investment firm. The firm is headquartered in Vienna, Virginia, with an additional office in Miami, Florida. It operates as a privately held investment manager structured around residential real estate development and specialty finance. The firm invests across the residential spectrum, acquiring land, developing for-sale and for-rent housing communities, and originating bridge and construction loans. Sectors include single-family subdivisions, build-for-rent neighborhoods, and master-planned communities across the Southeast and Mid-Atlantic United States. Middleburg deploys capital through both discretionary funds and separate accounts, offering institutional investors access to granular residential assets rarely available at scale. Past activities have included direct land acquisitions and partnering with regional homebuilders on lot development projects. Middleburg's capital base draws from institutional limited partners, though the firm has not publicly disclosed total assets under management or aggregate fund sizes. Its structure marries an operating company that develops assets with a credit arm that lends to third-party developers, a hybrid architecture shared by few peers. In October 2024, Middleburg acquired a portfolio of build-for-rent communities from a regional developer, extending its Southeast footprint, October 2024). By maintaining in-house development expertise alongside a lending capability, Middleburg accesses deal flow that either siloed developer-operators or pure-play credit funds cannot replicate. Firm leadership has not disclosed a succession plan, but the organization remains closely held with Finlay at the helm, performing both the investment and operating oversight functions typically split between CIO and CEO roles at larger fund managers.

## Sectors

- Real Estate
- Private Credit

## Offices

- Miami, Florida, United States

## People

- Christopher Finlay — Chairman and Chief Executive Officer

## Questions

### How does Middleburg's hybrid model differ from a traditional real estate manager?

Middleburg operates both a development arm and a specialty credit arm under one roof. The development side acquires land and builds residential communities, while the credit side originates loans to third-party homebuilders. This dual approach generates construction profits on own projects and interest income on loans to other developers, a structure that most residential fund managers do not replicate.

### Does Middleburg only develop its own projects?

No. In addition to developing single-family and build-for-rent communities directly, Middleburg provides construction and bridge financing to regional homebuilders and land developers. This lending activity allows the firm to earn fees and spreads without always taking development risk on its own balance sheet.

### What geographic regions does Middleburg target?

Middleburg focuses on residential markets in the Southeast and Mid-Atlantic United States. States include Virginia, North Carolina, South Carolina, Georgia, and Florida, where population growth and housing supply constraints support demand for new construction and development lending.

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Last updated: 2026-06-03T20:00:00.000Z

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