Polinger Development Pays $228M for Resi Property Near Amazon HQ in Va. [Updated]
Polinger Development has partnered with “an unidentified institutional investor” to purchase a 534-unit residential property called Meridian at Pentagon City in Arlington, Va., for $228 million, according a release from HFF.
MetLife provided a $126.9 million five-year, fixed-rate loan to Chevy Chase, Md.-based Polinger to facilitate the purchase of the property. MetLife associate director Derrick Smith originated the loan, closing the deal on May 1.
HFF’s Walter Coker, Brian Crivella, Stephen Conley and Matthew Lawton worked on behalf of the sellers—Arlington, Va.-based developer Paradigm and UBS Asset Management Real Estate & Private Markets—and also arranged the acquisition debt from MetLife.
Meridian at Pentagon City—to be called Aura Pentagon City—is a two-tower, high-rise property located at 1221 and 1331 South Eads Street, next to Amazon’s forthcoming 4.1 million-square-foot headquarters.
Currently 95 percent leased, the property offers a mix of studio units, one-bedroom apartments and two-bedroom residences averaging 846 square feet, according to the release. It also has two rooftop pools, two outside terraces, a clubroom and a fitness facility, among other amenities.
The asset is located two blocks from the Pentagon City Metro station and sits across the street from a Whole Foods.
With additional reporting by Mack Burke.
This story was updated to include additional financing terms and details from MetLife.