Citigroup Supplies $28M Refi for Revived Office Building in Arlington, Va.

A Washington, D.C., developer has secured fresh capital to continue engineering the turnaround of a once-struggling office building just across the Potomac River.

Jemal Equities, which is run by Douglas Development Managing Principal Matthew Jemal, has landed a $28 million commercial mortgage-backed securities loan to refinance its 10-story office property at 1530 Wilson Boulevard, in Arlington, Va., Commercial Observer has learned.

Citigroup provided the loan for the roughly 174,000-square-foot building in Arlington’s Rosslyn neighborhood that Jemal Equities acquired in October 2025 for $28 million from Velocis when it was 61 percent leased. The 1990-built property is now 89 percent leased with a 6.8-year weighted average lease term (WALT) compared to a 2.8 WALT at the time of purchase, according to Meridian Capital Group, which arranged the loan. 

Meridian’s Cary Pollack and Judah Neuman negotiated the debt. 

“Matthew Jemal has built a reputation for turning buildings around, and 1530 Wilson is the latest example,” Pollack said in a statement. “What Jemal Equities accomplished here in under a year comes down to grit, hard work and determination. Citi recognized the strength of that execution, and we were able to secure financing that reflects where this building is today and where it’s headed.”

The $28 million acquisition by Jemal marked a 61 percent drop from the $71.4 million Velocis paid for the building in April 2020. Recent upgrades include a renovated lobby, an outdoor terrace and a fitness center with locker rooms. A 50-person conference center is under development.

Anchor tenants at 1530 Wilson include Lincoln Property Company, Blue Origin and SAS Institute. 

Citigroup and Jemal Equities did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com