Completed in 2000, the 95% leased class A property at 101Embarcadero Way sits on the banks of the Oakland Estuary, adjacentto the paved Bay Area Trail and Jack London Square. The developmentconsists of four residential buildings with studio, one- andtwo-bedroom units that boast nine foot ceilings, wood-burningfireplaces, walk-in closets and full size washers and dryers.Common area amenities include a lap swimming pool, barbecue pits,garage parking, fitness center, club house and business center.

The five-year, fixed-rate loan was placed by HFF senior managingdirector Dana Brome and director Susan Larkin. The FHLMC FloatingRate program was chosen because the interest rate was indexed tothe borrower's reference notes, which are currently runningapproximately 100 basis points under Libor. "A fantastic coupon forthe borrowers," Brome says.

Foster City, CA-based Legacy Partners is a commercial andresidential real estate company with experience in propertyacquisition, development, asset management, financing, marketingand property management. Cornerstone Real Estate Advisers providesreal estate equity investment management services for its parentcorporation, Massachusetts Mutual Life Insurance Co. and tax-exemptand taxable institutions.