ALEXANDRIA, VA. — Berkadia has arranged an $84.1 million refinancing for Meridian Eisenhower Station, a 369-unit high-rise in the Washington, D.C., suburb of Alexandria. The lender was not disclosed. The sponsor was Paradigm Development Co.
Patrick McGlohn and Patrick Cunningham of Berkadia DC Metro led the financing efforts, along with Brian Gould, Hunter Wood and Natalie Hershey. The property was 93 percent 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 borrower for reinvestment in the property.
Located at 2351 Eisenhower Ave., 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. Fifteen units are designated as affordable housing with rents capped at 60 percent of area median income, with the 20-year affordability period expiring in 2027. Amenities include a rooftop pool, a fitness center. A top-floor clubroom with billiards, a landscaped courtyard and grill area, storage units, package service and 444 parking spaces. The property also includes three street-level retail spaces totaling 10,200 square feet, with tenants such as Orangetheory Fitness and Xfinity.