Berkadia, a distinguished leader in the commercial real estate sector, announced the successful 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.
“Meridian at Eisenhower Station is a premier community in a thriving submarket,” said McGlohn. “We were pleased to help Paradigm capitalize on favorable market conditions to both refinance and position the property for its next phase of growth. The financing structure provides long-term stability while allowing the sponsor to reinvest in renovations that will enhance the resident experience.”
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. Units feature 10-foot ceilings, glass-enclosed sunrooms, and expansive views.
The property also includes three street-level retail spaces totaling 10,200 square feet, with tenants such as Orangetheory Fitness and Xfinity. Fifteen units are designated affordable housing at 60% AMI, with the 20-year affordability period expiring in 2027.
Ideally situated across from the Eisenhower Avenue Metro station, the property is adjacent to a 22-screen movie theater and within walking distance of two major grocery stores and Old Town Alexandria. It also offers convenient access to I-395, I-95, and I-495.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
