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Firm Secures $52M for Three MI Acquisitions

GRAND RAPIDS, MI-Local growth is fueling investor demand for properties in the market, according to iCap Realty Advisors-Michigan.

By Danielle Anderson | Updated on December 18, 2006

GRAND RAPIDS, MI-iCap Realty Advisors-Michigan recently closed three transactions totaling $51.66 million for three properties in the Grand Rapids area on behalf of two different borrowers. The firm secured financing for the 360,000-sf The Waters Building in downtown Grand Rapids; for a 12-acre, 120,000-sf medical office complex in neighboring Holland; and for the 150,000-sf International Paper industrial/office facility in Grand Rapids, according to Adam Lutz, iCap principal.

Column Financial provided financing for the Michigan-based investment group that purchased both The Waters Building and the 120,000-sf medical office complex. For The Waters Building acquisition, iCap secured a 10-year, fixed-rate mortgage that includes five years of interest-only payments with 30-year amortization and an 80% loan-to-value ratio. The historic downtown building, which was built as the Furniture Exhibition Co. in 1898, is currently 90% leased to more than 75 tenants, including the Grand Rapids Area Chamber of Commerce, the law firm Rhoades McKee, Huntington Bank and Northern Trust Bank. iCap also secured a loan that includes five years of interest-only payments with a 30-year amortization schedule and an 80% loan-to-value ratio for the acquisition of the four-building medical office property in Holland.

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