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15949 Quincy Street

Pilgrim Villa LLC Secures $1 Million Loan For 22 Unit Multifamily Property In Detroit MI
FINANCEDMultiFamily

Pilgrim Villa LLC Secures $1 Million Loan For 22 Unit Multifamily Property In Detroit MI

15949 Quincy Street

$1,000,000

Units

22

Asset Type

MultiFamily

Closing

May 30, 2025

AI

The asset involved in this transaction is a multi-family property located at 15949 Quincy Street in Detroit, MI, comprising a total of 22 units. The loan amount secured for this property is $1,000,000.

Summary of transation details:

  • Property Type: MultiFamily
  • Transaction Amount: $1,000,000
  • Address: 15949 Quincy Street
  • Market: Detroit, MI
  • Lender: BFG
  • Landlord: Pilgrim Villa, LLC
  • Broker: Joshua Bernard - Bernard Financial Group

Key individuals and companies involved in this transaction include Pilgrim Villa, LLC, acting as the landlord for the property. The financial arrangements were facilitated by Joshua Bernard of Bernard Financial Group, who acted as the broker in this deal.

Players

Joshua Bernard

Bernard Financial Group

Broker

$116.5M

vol

13 deals

Broker

Detroit MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

15.86%

Cash-on-Cash

-4.53%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93