Lincoln Property secured $95.5m in acquisition financing for a 403-unit apartment building in Alexandria, Virginia. Meridian at Carlyle, a 16-story tower, features units averaging 779 sq ft, 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. The new owner plans to rebrand the property as Lincoln at Old Town. MetLife Investment Management supplied the financing in the form of a five-year, floating-rate loan. The seller in the deal was an affiliate of Paradigm Cos.
“The property is a great addition to our value-add portfolio,” said Lincoln Property’s Jarl Bliss. “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.”
