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NOVI, MI–iCap Realty Advisors has arranged the closing of a fixed-rate, first mortgage loan for $4.78 million on the acquisition of Novi Square.

Acquired as part of a 1031 Exchange, Novi Square contains 40,000 sf and is anchored by CVS Pharmacy. The loan was structured on a 10-year term with a 25-year amortization schedule and closed at 5.75%. Recourse to the borrower was limited to 50% of the loan amount. Due to the requirements of this transaction, iCap Realty Advisors was able to obtain a loan commitment within two weeks, said Scott Seltzer, who handled the arrangements for iCap.

Seltzer said the past few weeks have been busy in the Troy, MI, office of iCap, with four commercial loans, each worth at least $1 million, closing in the past four weeks.

iCap Realty Advisors places debt for all types of commercial properties with life insurance companies, Wall Street firms as well as international and local banking institutions.

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