Meridian at Pentagon City Sells for $228M
HFF closed the sale and arranged $126.9 million financing for the new owners.
ARLINGTON, VA—A joint venture between Polinger Development Co. and an unidentified institutional investor has acquired the Meridian at Pentagon City for $228 million. The 534-unit, two-tower multi-housing property was sold by a joint venture between Paradigm and a fund advised by the UBS Asset Management Real Estate & Private Markets – US.
HFF closed the sale and arranged $126.9 million financing for the new owners, securing the fixed-rate acquisition financing through MetLife Investment Management.
Meridian at Pentagon City is located at 1221 and 1331 S. Eads St., adjacent to Amazon’s forthcoming 4.1 million-square-foot headquarters office. The 95% leased property is walkable to metro service and the Pentagon and is across the street from a Whole Foods Market.
The HFF investment advisory team included Walter Coker, Brian Crivella, Stephen Conley and Matthew Lawton.
HFF’s debt placement team was led by Jamie Leachman.