The deal for 1385 W. University Ave. was bogged down by aprepayment penalty, according to Cindy Cooke, senior vice presidentfor Colliers International Inc.'s Phoenix office. The 10-year loanalso carried an 8.25% fixed-rate interest. "We had to wait untilthe loan could be paid off before we could close," says Cooke, whowith Bret Zinn, represented the seller of record, WWLC LLC ofTucson.

Cooke tells GlobeSt.com that the buyer, Biltmore Pines LLC, waswilling to hang in for the escrow period because it ultimatelyended up being a strong deal. "The value of the property is highertoday than even a couple of years ago," Cooke adds. "This was asmart buyer."

The seller, in the meantime, has disposed of his only apartmentasset in Arizona. "The seller received a good offer from the buyerand had someone willing to work through the loan issue," Cookesays.