Alexandria apartments get $75 million in financing
- April 9, 2014
Walker & Dunlop Inc. said Wednesday that it has arranged $75 million in construction-permanent financing for the development of Park Meridian, an apartment community at Eisenhower Station in Alexandria.
The design for the 25-story project meets sustainable building standards and will have 505 units. Thirty-one of the units will meet affordable housing standards.
Park Meridian will be located next to the Eisenhower Avenue Metro Station in the Carlyle/Eisenhower East neighborhood. The project will offer studio, one-, two- and three-bedroom units as well as an amenity package including concierge services, a swimming pool, fitness facility, top-floor clubroom, and underground parking.
Walker & Dunlop, based in Bethesda, Md., worked on behalf of Paradigm Development Co. to secure the 12-year, fixed-rate, interest-only loan with Quadrant Real Estate Advisors LLC.
Executive Vice President J. Tyler Blue and Vice President Paul Wallace led the Walker & Dunlop debt placement team.
Through its subsidiary Walker & Dunlop LLC, Walker & Dunlop Inc. focuses primarily on multifamily lending.