La Jolla Bank provided the 80% loan-to-value financing for the94%-leased complex, developed in 1995 on 16.24 acres at 6501 ShadyOaks Manor Dr. Sean P. Bushe, regional loan officer for the LaJolla, CA-based bank, tells GlobeSt.com that Quail Ridge AssociatesLtd. from Maitland, FL had acquired the complex with a life companyloan that had an 8% fixed-rate interest, but the underlying motivefor the sale was the expiration of tax credits. "The real incentivein the deal was to get those tax credits. When they burned off,they wanted to sell," he says, "and the loan was really encumberingthe cash flow."

[IMGCAP(2)]Bushe credits the quick-moving deal on the 30-yearloan to the borrower being a repeat customer of La Jolla and theasset's quality. "We're still doing loans, but we're moreconservative now. We're picky about what we lend on and what weroll into," he says. "We're being very selective and very cautiousright now."

The buyer of record is Lakeview on Shady Oaks LLC. Jeff Naquinwith William C. Jennings Co. in Fort Worth brokered the sale.Tarrant County has an $11.3-million assessment levied against theproperty.

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