Wells Fargo Multifamily Capital's Laurie Morfin tellsGlobeSt.com that several aspects of the asset at 8801 La CresadaDr. made arranging the loan a fairly straightforward process. Thefact that Legacy at Western Oaks was a well-maintained, class Aasset was one point in its favor adds Morfin, who works out of thecompany's San Diego office.

Furthermore, the "sponsor was strong and occupancy wasmaintained at about 90%. That's pretty amazing in today's market;it's difficult to find stable occupancy in some of the assets wesee," says Morfin, who worked with Patrick McAllister with WellsFargo Multifamily Capital office in San Francisco to approve theloan. Morfin says Wells Fargo worked directly with the borrower onthe refinance.

Legacy at Western Oaks was completed in the early 2000s, and hasa mix of one-, two- and three-bedroom units. Unit sizes rangebetween 800 square feet for a one-bedroom, one-bathroom apartment,to 1,477 square feet for a three-bedroom, two bathroom apartment.Rents are from $807 to $1,720 per month.