MetLife Finances Meridian at Carlyle Deal With Floating-Rate Loan
A Lincoln Property Co. JV has acquired the 16-story, 403-unit apartment building.
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.