SAN DIEGO, CA – HFF announced today that it has arranged $4.48 million in financing for Lagoon Terrace Apartments, a 62-unit multi-housing community in Wilmington (Long Beach), California. HFF worked exclusively on behalf of the borrower, a joint venture between Coastline Capital Partners LLC and KFG Investment Company, to secure the 10-year fixed-rate FNMA loan. Loan proceeds were used to acquire the property.
Lagoon Terrace Apartments is located at 1010 North Lagoon Avenue in Wilmington, close to the 110 and 710 Freeways and the Pacific Coast Highway about 22 miles south of downtown Los Angeles. The 95 percent leased property has one- and two-bedroom units averaging 760 square feet each. Coastline Real Estate Advisors, Inc., Coastline Capital Partners’ premier third-party management firm, will be managing the property on behalf of the borrower.
The HFF team representing the borrower was led by associate director Patrick Burger and real estate analyst Husayn Hasan.
“Lagoon Terrace is a great asset and will benefit from the repositioning and value-add expertise that Coastline and KFG bring to the table,” said Burger.
Contacts:
Patrick M. Burger, HFF Associate Director, (858) 552-7690, pburger@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500 krmurphy@hfflp.com
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