Citigroup provides $28M CMBS loan to refinance Jemal's Arlington office after lease-up

Citigroup has provided a $28 million CMBS loan to refinance 1530 Wilson Boulevard in Arlington, Va. Jemal Equities bought the 10-story office building in October 2025 for the same $28 million. Commercial Observer first reported the financing; Meridian Capital Group arranged the debt, with Meridian's Cary Pollack and Judah Neuman negotiating.

The roughly 174,000-square-foot Rosslyn property was 61 percent leased when Jemal Equities bought it and is 89 percent leased now, according to Meridian. The 1990-built building's weighted average lease term is 6.8 years, up from 2.8 at purchase. Velocis had paid $71.4 million for the building in April 2020, so the 2025 sale marked a 61 percent decline.

Loan proceeds and purchase price land at roughly $161 per square foot across 174,000 square feet. Jemal Equities, run by Douglas Development managing principal Matthew Jemal, put capital into a renovated lobby, an outdoor terrace and a fitness center with locker rooms; a 50-person conference center is under development. Lincoln Property Company, Blue Origin and SAS Institute anchor the rent roll.

Pollack credited the execution: "Citi recognized the strength of that execution," he said in a statement. The deal fits the pattern of lenders re-entering office behind equity once the trade has priced, which this publication examined in the case of a $72.6 million Barings loan on a Needham office campus.