DC-Area Property Lands $86M Refi
- Aug 25, 2021
Paradigm Development secured a $86 million refinancing loan for its community in Alexandria, Va. A major national life insurance company provided the 10-year interest-only loan to Paradigm for its Meridian at Braddock Station property, according to Berkadia, who arranged the loan. Berkadia’s J. Tyler Blue, Paul Wallace, Robbie Driscoll and Pat Cunningham led the team that arranged the financing.
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The high-rise community, located at 1200 1st St., offers 480 units in studio, one- and two-bed floorplans that range in size from 605 to 1,220 square feet. Meridian at Braddock Station was built in two phases in 1991 and 2002, Yardi Matrix data shows. The units were recently renovated and now feature quartz countertops, stainless steel appliances and Nest thermostats with some of the units offering 10-foot ceilings and sunrooms.
Meridian at Braddock Station was also built with a rooftop terrace that has a pool and sundeck, penthouse club room, fitness center and courtyard lounge with barbecue grills and a dog park. According to Yardi Matrix data, the community is 96 percent occupied.
The community is a short walk away from the Braddock Road Metro that connects to downtown Alexandria, the Ronald Reagan Washington National Airport, Crystal City where Amazon is developing its HQ2 and Washington, D.C.
More refi deals
Last year, Berkadia also worked with Paradigm Development by arranging a refinancing for a property within Washington, D.C. In November, the company secured a $250 million loan for Paradigm’s 783-unit Meridian at Mount Vernon Triangle.
Elsewhere in the D.C. metro, Berkadia arranged nearly $100 million in financing for two communities last year. In May 2020, the company secured a nearly $50.6 million refinancing for a 206-unit community in Alexandria as well as a nearly $45.3 million refinancing for a 223-unit asset in Silver Spring, Md.