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SEATTLE-At least a portion of the 335-unit Overlook at Magnolia apartment complex here is slated for resale as condominiums. The 95% leased property changed hands at the end of September for $47.7 million. An entity of locally based Weidner Investment Services acquired the 30-year-old property in the Magnolia neighborhood from SSR Western Multifamily LLC, an investment vehicle for CalPERS that acquired the property in 1998 for $33.9 million. A source with Weidner’s acquisition lender Red Mortgage Capital tells GlobeSt.com the new owners may convert one or more of the easternmost buildings to condominiums sometime int he future.Located on a west-facing slope at 3530 27th Pl. W., the Overlook at Magnolia is the largest property in the Magnolia neighborhood, which juts out into the Puget Sound about 15 minutes north of Downtown. The development consists of 11 four- and five-story buildings housing one-, two- and three-bedroom units, one four-bedroom penthouse and an office/recreation center. Project amenities include a fitness center, community room, whirlpool and sauna, laundry facilities and storage.

Red Mortgage Capital of Columbus, OH, provided $29.35 million in Fannie Mae DUS acquisition financing that carries a 10-year term and 30-year amortization schedule. Red Capital Advisor Inc. also provided a 10-year co-terminus mezzanine loan in the amount of $8.83 million. “We were able to catch rates while they were at the low end of their recent range,” says Weidner head of finance Ben Katon.

Weidner Investment Services is a locally based real estate, investment, and management company. It owns a portfolio of 19,000 units in five markets, including about 3,700 in the Seattle area. The Red Capital Group of companies are members of publicly held National City Corp.

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