ICAP ARRANGES $30 MILLION OFFICE ACQUISITION LOAN
HOUSTON — The New York City office of iCap Realty Advisors has arranged $30 million in acquisition financing for a 17-story, Class A office building located in Houston. The tower is located just west of Interstate 610 in the city’s Galleria/West Loop submarket, within a 30-acre master planned development that also features several other Class A office towers, a luxury high-rise residential building, and a luxury hotel. The tower secured by the financing comprises 370,000 rentable square feet and includes an approximately 1,000-space parking garage. Terms of the non-recourse, first-mortgage financing include a 5-year term with interest-only payments for the first 2 years. The lender was a major insurance company.