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$84M Arranged by Berkadia for Residential High-Rise in Alexandria
Berkadia arranged the refinancing of Meridian at Eisenhower, a 369-unit residential high-rise and 10,000 square feet of commercial space located in Alexandria, Virginia.
Senior Managing Director Patrick McGlohn and Vice President Patrick Cunningham of Berkadia DC Metro led the financing efforts, along with Managing Director Brian Gould, Senior Director Hunter Wood, and Associate Director Natalie Hershey.
They originated an $84.125 million loan on behalf of an affiliate of the sponsor, Paradigm Development Company, LLC. The property was 93% occupied at the time of closing. The 10-year loan proceeds will be used to retire the existing first mortgage while also returning equity to the sponsor for reinvestment in the property.
Located at 2351 Eisenhower Avenue, Meridian at Eisenhower Station was built in 2007 and offers studio, one- and two-bedroom floor plans ranging from 605 to 1,220 square feet. The property also includes three street-level retail spaces totaling 10,200 square feet.
