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Magma Equities recently secured a $14.5M floating-rate, condo-conversion loan for Luna Sol Apartments, a 52-unit, podium-style apartment community in Kirkland. The loan will be used to acquire, renovate and upgrade the property with the intent to sell individual units in early 2109.
Luna Sol Apartments, at 11415 Slater Ave. NE in Kirkland, was originally constructed in 2010 as a condominium development. The one- and two-bedroom units average 843 SF. Five of them are designated as affordable housing units.
The units feature stainless steel appliances, glass stovetops, full-size washers and dryers and floor-to-ceiling windows. It has a fitness center, underground parking and a courtyard.
HFF arranged the financing. The HFF team included Senior Director Zack Holderman, analyst Daniel Pinkus and HFF Seattle office Director Zack Goodwin.
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