The properties are the 583-unit Monterone Round Rock at 7711 O'Connor Dr. in Round Rock, and 502-unit Monterone Steiner Ranch at 4500 Steiner Ranch Blvd. and 332-unit Monterone Canyon Creek at 9009 N. Farm-to-Market 620, both in far north Austin. The complexes are a mix of one- to four-bedroom units, measuring from 711 sf to 2,339 sf.
A local source familiar with both CNC Investments and the properties in question tells GlobeSt.com the class A complexes are now the responsibility of special servicer Midland Loan Services. "CNC filed Chapter 11, and they're working on a plan to present to the bankruptcy court," adds the source, which has no direct dealing with the situation. A call to CNC Investment was not returned by press time.
According to Midland Loan Services' website, the company is a special servicer on the CMBS Credit Suisse Commercial Mortgage Trust Series 2007-C1, which financed the apartment complex's acquisition in 2007. GlobeSt.com reported at the time, that the five-year, interest-only loan had been arranged through Column Financial Inc., a mortgage-lending arm of Credit Suisse.
According to Column Financial's website, the company is no longer an active mortgage broker. Parent company Credit Suisse has formed an asset management team to sell off Column's remaining loan portfolio.
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