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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.

“We’re not seeing a lot of apartment developments,” Robert Brosnan, division chief of the Arlington Department of Community Planning, Housing & Development’s Planning Division. “There are a large number of residential projects and they’re almost all condominiums. We haven’t seen a lot of conversions, but we expect them to be very strong in the future.”

The Chicago-based banking division of Corus Bankshares Inc. has made four other loans to other Athena Group affiliates. “Our previous experience with the borrower, as well as the property’s excellent location and good physical condition, allowed Corus to offer a structure that met the borrower’s financial and timing needs,” says Corus Bank senior vice president John M. Barkidjija.

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