A 10-year fixed-rate, 30-year amortization non-recourse loan was provided by Nomura Credit & Capital closing at 5.68%.
iCap also has closed a $1.4-million loan on the acquisition of approximately 27 acres of vacant land in Westland. The land will be used to develop a senior condominium complex. This LIBOR-based, floating rate loan was provided by Charter One Bank and closed at 3.85%.
Both transactions were handled iCap's Larry Harwood in the company's local office.
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