Saturday, May 18, 2019

HFF closes $228 million sale and arranges $127 million financing of Meridian at Pentagon City in Arlington, VA


Meridian at Pentagon City Apartments
 
1221 and 1331 South Eads Street,  Arlington, VA


WASHINGTON, D.C. – May 14, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $228 million sale and $126.9 million financing of Meridian at Pentagon City, a 534-unit, two-tower multi-housing property in Arlington, Virginia.

Walter Coker
HFF marketed the property exclusively on behalf of the seller, a joint venture between Paradigm and a fund advised by the UBS Asset Management Real Estate & Private Markets – U.S., and procured the buyer, a joint venture between Polinger Development Co. and an unidentified institutional investor. 

 In addition, HFF worked on the new owner’s behalf to arrange fixed-rate acquisition financing through MetLife Investment Management.

Meridian at Pentagon City is located at 1221 and 1331 S. Eads Street adjacent to Amazon’s forthcoming 4.1 million-square-foot headquarters office. 

 In addition, the 95-percent-leased property is walkable to metro service and the Pentagon and is across the street from a Whole Foods Market and within a one-mile radius of an additional 1.9 million square feet of retail.  

Brian Crivella
The property consists of two high-rise towers encompassing a mix of studio, one- and two-bedroom units averaging 846 square feet as well as two parking garages totaling 524 spaces.  

In addition to its premier location and spacious units, the property also features two rooftop pools, two expansive outside terraces with grilling areas, an 18th-floor clubroom with views of the Capitol, a fitness facility, dog park, clubroom with gaming area, business center, guest suite accommodations, concierge service and a 24-hour front desk.

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.

Stephen Conley


About Paradigm

Paradigm was formed in 1991 and is headquartered in Arlington, Virginia. 

 Paradigm has developed over 10,000 apartment units and currently manages over 7,000 apartment units with a preponderance of these units being luxury mid- and high-rise units, most of which are in the Metro Washington, D.C. area. 

 Paradigm’s business strategy has fundamentally been to provide excellent customer service to its residents while enhancing the value of the assets for its owners/institutions.

Jamie Leachman


About Polinger Development

Polinger Development is an affiliate of Polinger Company, a fully integrated real estate organization that creates exceptional value for its investors and equity partners, while providing high-quality life/work environments for residents and corporate tenants. 

 Polinger Company has 70 years of experience in residential and commercial real estate in the Washington, D.C., Maryland and Virginia area.

 The company specializes in acquisitions/development, construction services, and residential and commercial management. 

 For more info, please visit https://www.polingerco.com/.

 
Matthew Lawton


CONTACTS:

WALTER COKER
VA Lic. #0225092459
HFF Managing Director
(202) 533-2500

BRIAN CRIVELLA
VA Lic. #0225188521
HFF Senior Director
(202) 533-2500

JAMIE LEACHMAN
HFF Senior Director
(202) 533-2524

OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403

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