Merrill Lynch is providing the funds for the permanent financingdeal. "The timing was right for XM to replace their floating ratedebt with long-term financing," says LJ Melody & Co.'s MauryZanoff, who oversaw the transaction along with colleague JoeDonato. "Merrill Lynch gained a deep understanding and belief inXM's business plan leading to Merrill Lynch's strong interest inthis project."
A onetime printing site for National Geographic magazine, 1500Eckington sits right at the intersection of Florida and New Yorkavenues in the northeast section of the city. XM Satellite occupiesabout 155,000 sf of the property--which has a current assessedvalue of nearly $31 million--and leases out the remainingspace.
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