Meridian Deal for D.C. Condo Property Gone Rental

Meridian Capital Group has arranged financing of $185 million for a 432-unit Washington, D.C., apartment complex located in Senate Square, close to Capitol Hill. The complex was originally planned as a condominium development but has now gone rental to deal with the weakening in the Washington condominium market.

Meridian had originally arranged construction financing for the property, together with PB Capital. Once the construction was through, Ronnie Levine of Meridian Capital helped put together bridge financing for the property in a deal involving three different lenders.

Levine arranged a first mortgage, senior mezzanine loan and junior mezzanine loan from Goldman Sachs, Archon Capital, and Archstone.

Bozzuto Management is serving as the property and leasing manager on the building, which offers luxury amenities such as a concierge, maid service, and rooftop pool.

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