Jemal Equities has secured a $28 million commercial mortgage-backed securities loan from Citigroup to refinance a ten-story office property at 1530 Wilson Boulevard in Arlington, Virginia. Meridian Capital Group arranged the debt for the borrower, which is led by Douglas Development Managing Principal Matthew Jemal, Commercial Observer reported.
The financing covers a roughly 174,000-square-foot building in the Rosslyn neighborhood that Jemal Equities acquired in October 2025 for $28 million from Velocis. Cary Pollack and Judah Neuman of Meridian Capital Group negotiated the debt on behalf of the borrower.
Leasing turnaround and property upgrades
The property was built in 1990 and was 61 percent leased when Jemal Equities purchased it. That October 2025 purchase price of $28 million represented a 61 percent drop from the $71.4 million that Velocis paid for the asset in April 2020.
According to Meridian Capital Group, the building is now 89 percent leased. Its weighted average lease term rose to 6.8 years, up from 2.8 years at the time of the purchase. Anchor tenants at the address include Lincoln Property Company, Blue Origin and SAS Institute.
Recent capital work at the site includes a renovated lobby, an outdoor terrace and a fitness center with locker rooms. A conference center designed for 50 people is currently under development.
What it changes for a closing
CMBS underwriting for repositioned office assets relies heavily on verifying that lease gains and physical improvements match the loan file. For closing teams, a sharp rise in occupancy from 61 percent to 89 percent over a short hold period requires thorough reconciliation of rent rolls, tenant estoppel certificates and executed lease agreements.
Because weighted average lease terms stretched from 2.8 years to 6.8 years, lenders and counsel must examine commencement dates, termination options and tenant improvement obligations across key leases, including agreements with Blue Origin, Lincoln Property Company and SAS Institute. In addition, continuing construction work on the 50-person conference center introduces requirements for completion escrows, contractor lien waivers and title bring-downs to ensure Citigroup closes into a clean first-lien position.