iCap Closes $30M in Loan Deals

TROY, MI-iCap Realty Advisors closed several loans on projects around southeast Michigan. The national commercial real estate finance company says it has recently made the following loans from its local office:

* Scott Seltzer arranged the closing of a construction loan for approximately $1.5 million on a 27,000-sf single-tenant industrial building in Zilwaukee, MI. The construction term is over 24 months and closed at 3.61%. A permanent mortgage was also structured to take out the construction loan when the project is completed. The permanent note is based on a 10-year term with a 25-year amortization schedule. This project is the first of several on this 23-acre site located off the Zilwaukee Bridge. Gabrielle Investments, LLC, is the borrower.

* Larry Harwood closed an $8.6 million loan on Auburn Hills Apartments, located in Auburn Hills, MI. The complex consists of 10, 28-unit buildings for a total of 280 units. A 10-year fixed-rate, 30-year amortization schedule, non-recourse loan was placed with Nomura Credit and Capital closing at 5.25%.

* Harwood has closed a $8.25 million loan for 301 E. Liberty, in Ann Arbor, MI. A fixed-rate, first mortgage loan was placed on the Ann Arbor property, a seven-story, 77,000 gross sf office building. The property has over 20 tenants, including All Media Group and the University of Michigan. The loan closed at 5.60% on a ten-year term with a 30-year amortization schedule.

* Harwood closed a $7.35 million loan on Detroit Center Garage, located in Detroit. The garage is attached to the Renaissance Center as well as the newly renovated Marriott Hotel. The garage has seven levels containing 1,275 parking spaces. A 10-year, self amortizing, non-recourse loan carries a rate of 4.75%.

* Harwood closed a $3.14 million loan on 235 N. Saginaw, an existing 21,000 sf property which is occupied by the State of Michigan Social Service Agency. A 10-year fixed-rate, self-amortizing non-recourse loan was placed on the property that closed at 5.09%.

* Matt Shane and Seltzer closed a $1.2 million loan on Harvard Plaza, a 38,000 sf office building located in Southfield, MI. The loan was placed on a 10-year note with a 25-year amortization schedule and closed at a 5% interest rate.