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iCap Closes Two Michigan Loans

TROY, MI-iCap Realty announces two area loans, with more than a combined $3 million. One involves financing for a manufactured housing community; the other, an owner-occupied office building.

By Dan Heaton | Updated on February 03, 2004

TROY, MI-Troy-based iCap Realty Advisors has recently announced two loan transactions worth more than a total of $3 million. In the first transaction, the firm helped negotiate a $2.2 million loan on Fairfield Manor, a manufactured housing community in Bay City, MI. Fairfield Manor consists of 138 sites. A 10-year fixed-rate, 30-year amortization schedule, non-recourse loan was placed with Nomura Credit and Capital closing at 5.47 %.

Larry Harwood supervised the transaction for iCap. The company also reports that Harwood has recently Harwood is the only Michigan CCIM member who exclusively focuses on brokering commercial loans.

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