HFF Announces $14.5M Financing for 52-unit Apartment Community in Suburban Seattle

08 November 2018

SAN DIEGO, CA – November 8, 2018 – 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.