HARTFORD, CT – The Hartford office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $28.2 million first mortgage financing for Landing at Jack London Square, (top right photo) a 282-unit, Class A waterfront multifamily community in Oakland, California. Working exclusively on behalf of Legacy Partners Landing LLC, with managing partner Cornerstone Real Estate Advisers, HFF senior managing director Dana Brome (top left photo) and director Susan Larkin (middle right photo) placed the five-year, fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation). HFF will also servi
ce the loan.
ce the loan. “The FHLMC Floating Rate program was chosen because the interest rate was indexed to their reference notes, which are currently running approximately 100 bp under Libor, which provided a fantastic coupon for the borrowers,” said Brome.
The Landing at Jack London Square is located at 101 Embarcadero Way along the banks of the Oakland Estuary and adjacent to Jack London Square in Oakland.
Completed in 2000, the 95% occupied property has four residential buildings with studio, one- and two-bedroom units. Community amenities include a lap swimming pool, barbecue pits, garage parking, fitness center, clubhouse and business center.
The property is also adjacent to the Bay Area Trail, a paved walking and biking trail along the Oakl
and Estuary.
and Estuary. “The property has an excellent location adjacent to Jack London Square, a popular tourist attraction with numerous stores, restaurants, hotels, an Amtrak station and a ferry dock,” added Brome.
Cornerstone Real Estate Advisers was established in 1994 to provide private real estate equity investment management services for their parent corporation, Massachusetts Mutual Life Insurance Company (MassMutual), and tax-exempt and taxable institutions. Since then, they have added management of public real estate securities to our array of services.
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