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iCap Closes $30M in Loan Deals

TROY, MI-iCap Realty Advisors has announced several loan closings from its Troy office including a construction loan for a 27,000-sf single-tenant industrial building in Zilwaukee, MI and a first mortgage loan on a seven-story, 77,000 gross sf office building in Ann Arbor, MI.

By Dan Heaton | Updated on September 18, 2003

TROY, MI-iCap Realty Advisors closed several loans on projects around southeast Michigan. The national commercial real estate finance company says it has recently made the following loans from its local office:

* Scott Seltzer arranged the closing of a construction loan for approximately $1.5 million on a 27,000-sf single-tenant industrial building in Zilwaukee, MI. The construction term is over 24 months and closed at 3.61%. A permanent mortgage was also structured to take out the construction loan when the project is completed. The permanent note is based on a 10-year term with a 25-year amortization schedule. This project is the first of several on this 23-acre site located off the Zilwaukee Bridge. Gabrielle Investments, LLC, is the borrower.

* Larry Harwood closed an $8.6 million loan on Auburn Hills Apartments, located in Auburn Hills, MI. The complex consists of 10, 28-unit buildings for a total of 280 units. A 10-year fixed-rate, 30-year amortization schedule, non-recourse loan was placed with Nomura Credit and Capital closing at 5.25%.

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