$54M Loan Closing Will Lead to Condo Conversion

ARLINGTON, VA-A $54-million loan will allow Athena Amazing Arlington LLC, a division of the Athena Group LLC, to acquire and redevelop the Metropolitan at Arlington. The funds will allow borrower , to pay for part of the purchase of the 190-unit luxury property from current owner KSI Services Inc., as well as finance the conversion of the apartments to condominiums.

The specific cost of the acquisition has not been released; Arlington County’s Department of Real Estate Assessments shows the property’s current assessed value to be approximately $30 million. Corus Bank supplied the funds.

Consisting of nearly 265,000 sf, including a garage to accommodate 350 vehicles, Metropolitan was developed by KSI in 2003. The complex carries the address of 2311 South 25th St., and sits along Interstate 395 on a parcel that had been home to the Pentagon City Hospital. But after its short life of offering units for rent, the property is about to make the move to the increasingly hot condo market and offer the units for sale.