Financial Services Co. Nabs More Than $24 Million for Refinance of Michigan Properties
- Jan 09, 2008
Farmington Hills, Mich.–Farmington Hills, Mich.-based iCap Realty Advisors recently secured $24.15 million in refinancing for residential and commercial properties in three Michigan cities.Director Jill Jasinski arranged $11.15 million to refinance Augusta Woods, a 309-pad mobile home community in Willis, Mich., through financing that involved a $10.7 million senior mortgage, provided by LaSalle Bank, and $445,000 in mezzanine debt, provided by a second source. The conduit financing included a 10-year term, 30-year amortization and two years of interest-only payments.Jasinski also helped obtain $10 million in permanent financing for an 84,565-square-foot mixed-use property in Birmingham, Mich. that contains retail and office space and an apartment component not included in the transaction and $3 million in permanent financing for the Boardwalk Commerce Center in Ann Arbor, Mich., an 80,077-square-foot, multi-tenant, high-tech/service facility with a health club. The properties’ owners were not disclosed.Founded in 2001, iCap Realty Advisors’ Michigan office is part of a national commercial mortgage banking and investment sales company. With headquarters in The Woodlands, Texas, iCap Realty Advisors has originated commercial real estate loans nationwide for a wide array of capital sources.