Rob LaRue of Houston-based Live Oak Capital Ltd. placed the loan with Ohio National Life Insurance Co. of Cincinnati. LaRue tells GlobeSt.com that the borrower had purchased the building with interim financing, remodeled, repopulated the tenant base and then sought permanent financing for the 25-year-old building.
The building, says LaRue, is currently 95% occupied, with Frost Bank as the lead tenant. The structure's design includes an eight-lane drive-through. LaRue says Mission Equities owns half a dozen other office properties in the Houston area.
Sugar Land has a $5.2-billion tax base. It is the site of such major new developments as the 32-acre Town Square, which is adding a full-service Marriott, convention center and office and retail space. This year, the population is forecast to reach 65,000.
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