The loan was for the newly-opened Danaher's Bar and Grill located along Coolidge Highway. Along with the restaurant, a 1,600-sf, two-tenant retail center and single family home was included in the loan.
The SBA loan term is based upon a 25-year self amortizing loan with an initial interest rate of 5.25%. The borrower for this loan is Danaher Entertainment, LLC. iCap did not release the name of the lender.
Scott Seltzer handled the loan transaction for iCap, which is based in Troy, MI.
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