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| Luna Sol Apartments, 11415 Slater Avenue NE, Kirkland, WA |
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| Zack Holderman |
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.
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.
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| Zack Goodwin |
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.
CONTACTS:
ZACK HOLDERMAN
HFF Senior Director
(858) 812-2350
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500
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