Berkadia has successfully arranged the refinancing of Meridian at Eisenhower, a 369-unit residential high-rise that includes 10,000 square feet of commercial space in Alexandria, Virginia.
The financing was led by Berkadia DC Metro’s Senior Managing Director Patrick McGlohn and Vice President Patrick Cunningham, with support from Managing Director Brian Gould, Senior Director Hunter Wood, and Associate Director Natalie Hershey. On behalf of an affiliate of the sponsor, Paradigm Development Company, LLC, the team originated an $84.125 million loan.
At the time of closing, the property was 93% leased. The 10-year loan will be used to retire the existing first mortgage and return equity to the sponsor for reinvestment in the asset.
Meridian at Eisenhower Station is located at 2351 Eisenhower Avenue and was built in 2007. The property consists of studio, one- and two-bedroom floor plans, ranging in size from 605 to 1,220 square feet. It also features three ground-floor retail spaces totaling 10,200 square feet.
