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.
Detroit MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
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