iCap Closes $7M in Loan Deals

TROY, MI-iCap Realty closes on loans of $4.7 million and $1.4 million in seperate deals.

By Dan Heaton | November 26, 2003 at 01:01 AM

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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