La Jolla Bank provided the 80% loan-to-value financing for the 94%-leased complex, developed in 1995 on 16.24 acres at 6501 Shady Oaks Manor Dr. Sean P. Bushe, regional loan officer for the La Jolla, CA-based bank, tells GlobeSt.com that Quail Ridge Associates Ltd. from Maitland, FL had acquired the complex with a life company loan that had an 8% fixed-rate interest, but the underlying motive for the sale was the expiration of tax credits. "The real incentive in the deal was to get those tax credits. When they burned off, they wanted to sell," he says, "and the loan was really encumbering the cash flow."

[IMGCAP(2)]Bushe credits the quick-moving deal on the 30-year loan to the borrower being a repeat customer of La Jolla and the asset's quality. "We're still doing loans, but we're more conservative now. We're picky about what we lend on and what we roll into," he says. "We're being very selective and very cautious right now."

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