Jemal Equities has obtained a $28 million commercial mortgage-backed securities loan from Citigroup to refinance 1530 Wilson Boulevard, a 10-story office building in Arlington, Virginia.
The financing gives the Washington, D.C.-based developer fresh capital as it continues work to revive a property that had previously struggled in the office market. Jemal Equities is led by Matthew Jemal, managing principal of Douglas Development.
Located across the Potomac River from Washington, the building sits in Arlington’s Wilson Boulevard corridor, a major commercial artery serving the Rosslyn-Ballston office market. The refinancing places the asset within a market where owners have increasingly sought capital to reposition older office properties.
According to Commercial Observer, the loan was structured as CMBS financing. The transaction provides a new capital base for Jemal Equities’ ongoing turnaround strategy at the property.
