Mart Martindale, senior director with Cushman & Wakefield ofTexas Inc. brokered the transaction between the special servicerthat the asset at 9655 Chimney Hill Lane and the local buyer. Hetells GlobeSt.com that what he, the buyer and the special servicerencountered in trying to assume the Credit Suisse CMBS loan toldhim that, in the end, such an assumption may not be worth thehassle.

The $11.9 million loan was on the asset in 2006 by owner JungelBumi Ltd. of Houston, a partnership owned by CNC Investments. Threeyears later, the asset was in receivership, with a special servicergaining control of management. The next step, Martindale remarks,was to put the complex on the market, which happened in March2009.

"We put our heads together and decided it would be best to keepthe loan alive, especially because of the lack of debt out there.We'd heard about the CMBS loan modifications, but as far as weknew, and as far as the special servicer knew, nothing at the timehad been approved to transact something like that," saysMartindale, who partnered with C&W colleague Lamont Rattler onthe transaction.