ALEXANDRIA, VA–A JV that includes Lincoln Property Co., has acquired Meridian at Carlyle, a 16-story, 403-unit apartment building. The company financed the deal with a five-year, floating-rate $95.5 million loan from MetLife Investment Management that was placed by HFF.
Lincoln Property Trust plans to rename the building Lincoln at Old Town and it has plans to reposition the high-rise multifamily community with interior unit renovations and common area amenity upgrades, according to Jarl Bliss, LPC's executive vice president Mid-Atlantic. “This property is a great addition to our value-add portfolio, and we have strong performance expectations for both the property and the market in the long-term,” he says in a prepared statement.
Meridian at Carlyle is located at 401 Holland Lane in the Carlyle submarket. The property is next to a Whole Foods Market and within walking distance to the King Street Metro station.
The HFF debt placement team included managing directors Steven Klein and Cary Abod.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
