Lincoln Property Secures $96M for VA Asset
- May 16, 2018
A group of investors led by Lincoln Property Co. had obtained $95.5 million in acquisition financing for Meridian at Carlyle, a 16-story, 403-unit apartment building in Alexandria, Va. The financing came in the form of a five-year, floating-rate loan with MetLife Investment Management.
Meridian at Carlyle, which will be rebranded as Lincoln at Old Town, features units averaging 779 square feet, with three levels of below-grade parking. Common amenities include a resort-style pool, barbecue area, putting green, fitness center, club room with billiards, concierge service and on-site dry cleaning.
At 401 Holland Lane, Lincoln at Old Town is in Alexandria’s Carlyle neighborhood, though near Old Town as well. The property is adjacent to a Whole Foods Market, and counts as TOD, since it is near the King Street Metro station on the Washington, D.C., subway system. Its Walk Score is 90, or “Walker’s Paradise.”
A Value-Add Property
“The property is a great addition to our value-add portfolio,” said Lincoln Property’s Jarl Bliss, executive vice president Mid-Atlantic. “The soon-to-be Lincoln at Old Town represents an opportunity to reposition a high-rise multifamily community in a transit-oriented location through execution of interior unit renovations and common area amenity upgrades.”
The seller in the deal was an affiliate of Arlington-based Paradigm Cos. The HFF debt placement team representing the borrower included managing directors Steven Klein and Cary Abod.