Dealmaker: Berkadia Secures $84M Refinancing for Virginia Multifamily

(Illustration courtesy of Berkadia)

Berkadia, Ambler, Pa., secured $84.1 million to refinance Meridian at Eisenhower, a 369-unit residential high-rise with 10,000 square feet of commercial space in Alexandria, Va.

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. “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. The property also includes three street-level retail spaces totaling 10,200 square feet, with tenants including Orangetheory Fitness and Xfinity. Fifteen units are designated affordable housing at 60% AMI, with the 20-year affordability period expiring in 2027.

Located 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.