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HOUSTON-Taking advantage of a continued low interest rate before it increases again, Cable Lock Inc. has obtained $3.7 million to pay off a construction loan for its 39,818-sf headquarters project in the northwest submarket. The borrower leveraged the deal at a 75% loan-to-value ratio.

“The building was a partial build-to-suit for Cable Lock and they leased out portions of it. It’s currently 90% occupied,” says David Aaronson of Houston-based Live Oak Capital Ltd., who teamed with Kevin Holland to arrange the loan through Jefferson Pilot Financial Insurance Co. of Greensboro, NC. The structure, assessed at $3.96 million, rose in 2004 at 8400 N. Sam Houston Parkway West.

Aaronson tells GlobeSt.com that the 10-year for the foundation repair and restoration company wasn’t difficult to place. “We had a wide range of interest in this,” he says. He explains Jefferson Pilot was competitive with its terms and efficient with its approval and closing processes. “We’ve done a lot of business with them in the past,” he adds. The loan has a fixed-rate interest of 5.76% and 30-year amortization.

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