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iCap Closes on $5M Mortgage

NOVI, MI-iCap Realty closed the $4.78 million mortgage note on the acquisition of Novi Square, acquired as part of a 1031 Exchange. Due to the requirements of this transaction, iCap was able to obtain a loan commitment within two weeks.

By Dan Heaton | Updated on October 03, 2003

NOVI, MI–iCap Realty Advisors has arranged the closing of a fixed-rate, first mortgage loan for $4.78 million on the acquisition of Novi Square.

Acquired as part of a 1031 Exchange, Novi Square contains 40,000 sf and is anchored by CVS Pharmacy. The loan was structured on a 10-year term with a 25-year amortization schedule and closed at 5.75%. Recourse to the borrower was limited to 50% of the loan amount. Due to the requirements of this transaction, iCap Realty Advisors was able to obtain a loan commitment within two weeks, said Scott Seltzer, who handled the arrangements for iCap.

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