Merrill Lynch is providing the funds for the permanent financing deal. "The timing was right for XM to replace their floating rate debt with long-term financing," says LJ Melody & Co.'s Maury Zanoff, who oversaw the transaction along with colleague Joe Donato. "Merrill Lynch gained a deep understanding and belief in XM's business plan leading to Merrill Lynch's strong interest in this project."
A onetime printing site for National Geographic magazine, 1500 Eckington sits right at the intersection of Florida and New York avenues in the northeast section of the city. XM Satellite occupies about 155,000 sf of the property--which has a current assessed value of nearly $31 million--and leases out the remaining space.
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