Investment Trust Becomes Partner in Tower

ICM Property Investors Inc. has become a joint-venture partner in University Tower, a 10-story office building next to UC Irvine, by making an initial $19.45-million investment.

The New York-based real estate investment trust said the investment includes a $3.1-million equity contribution to its new partnership with the builder, Irvine-based Davison & Ferguson Investment Developer. In addition, the company said it has provided $16.35 million in long-term financing for the joint venture, which later may be increased to a maximum loan of $23.2 million.

The 30-year mortgage that ICM provided under the joint-venture transaction, which closed late last week, completely pays off the construction loan on the office tower.

University Tower opened a month ago and is about 30% leased.

ICM, which previously furnished 90% of the construction loan on University Tower, rolled that loan into the longer-term mortgage and paid off the other remaining construction lender, First National Bank of Chicago, according to ICM Executive Vice President Willis Andersen Jr.

Andersen said University Tower represents ICM’s first investment on the West Coast. He added that ICM, which raised $107 million in its first public offering two years ago, has invested in 1869899877Texas.