SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announces $14.5 million in financing for Luna Sol Apartments, a 52-unit, podium-style apartment community in Kirkland, Washington.
Working exclusively on behalf of the borrower, Magma Equities, the HFF team placed the floating-rate, condo-conversion loan with a specialty finance company. Loan proceeds will be used to acquire, renovate and upgrade the property with the intent to sell individual units beginning in 2019.
Luna Sol Apartments (Luna Sol) is located just west of Interstate 405 at 11415 Slater Avenue NE in the Eastside neighborhood of Kirkland. The property was originally constructed as a condominium development with residential units sitting atop separately owned ground-floor office units. Completed in 2010, Luna Sol features large, open one- and two-bedroom floor plans averaging 843 square feet, five of which are permanently designated as affordable housing units. Interior finishes include stainless steel appliances, glass top stoves, full-sized washers and dryers, walk-in closets, floor-to-ceiling windows and vinyl wood plank flooring. Community amenities include a fitness center, secured lobby, underground parking and courtyard with grills and outdoor seating. The property was 98 percent occupied at closing.
The HFF debt placement team representing the borrower included senior director Zack Holderman and analyst Daniel Pinkus along with local market assistance from director Zack Goodwin of HFF’s Seattle office.
“Luna Sol is an excellent example of how a creative sponsor combined with strong market fundamentals can support a strategic business plan like the conversion and sale of individual condo units in Greater Seattle,” Holderman said.
About Magma Equities: Magma Equities is a diversified real estate organization focused on repositioning apartment communities throughout the country. The firm strives to maximize returns for investors while providing its residents with homes that are environmentally friendly, efficient and state of the art. Magma Equities is vertically integrated with acquisitions, dispositions, asset management and construction management capabilities.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.