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OAKLAND, CA-Legacy Partners and Cornerstone Real Estate Advisers has closed on a $28.2-million first mortgage financing for the 282-unit Landing at Jack London Square apartment complex, according to Holliday Fenoglio Fowler LP, which arranged the loan through Freddie Mac and will service it as well.

Completed in 2000, the 95% leased class A property at 101 Embarcadero Way sits on the banks of the Oakland Estuary, adjacent to the paved Bay Area Trail and Jack London Square. The development consists of four residential buildings with studio, one- and two-bedroom units that boast nine foot ceilings, wood-burning fireplaces, 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 managing director Dana Brome and director Susan Larkin. The FHLMC Floating Rate program was chosen because the interest rate was indexed to the borrower’s reference notes, which are currently running approximately 100 basis points under Libor. “A fantastic coupon for the borrowers,” Brome says.

Foster City, CA-based Legacy Partners is a commercial and residential real estate company with experience in property acquisition, development, asset management, financing, marketing and property management. Cornerstone Real Estate Advisers provides real estate equity investment management services for its parent corporation, Massachusetts Mutual Life Insurance Co. and tax-exempt and taxable institutions.

Lots of activity is underway around Jack London Square at the moment. This time last year, Ellis Partners LLC broke ground for a 170,000-square-foot mixed-use building that will House Jack London Market as part of a larger, one-million-square-foot redevelopment in partnership with the National Electrical benefit Fund. In addition to the mixed-use building, the first phase of the project includes a 31,200-square-foot retail and office building adjacent to Oakland’s ferry terminus; a 1,086-car parking garage; and a 10,000-square-foot retail building adjacent to the existing Barnes and Noble store for smaller shops.

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