Citywide Owner LLC Obtains $3.8M Loan For Detroit Multifamily From Genworth Life
2716 Macomb Street
$3,800,000
Units
142
Asset Type
MultiFamily
Closing
May 3, 2024
AI
A $3.8 million permanent life insurance company loan was facilitated by Bernard Financial Group for a 142-unit multifamily property located at 2716 Macomb Street in Detroit, Michigan. Citywide Owner LLC acted as the borrower, with Genworth Life and Annuity Insurance Company serving as the lender, a correspondent of BFG. The loan is intended for the multifamily property acquisition.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,800,000
- Units: 142
- Address: 2716 Macomb Street
- Market: Detroit, Michigan
- Lender: Genworth Life and Annuity Insurance Company
- Brokers: Dennis Bernard & Joshua Bernard - Bernard Financial Group
Dennis Bernard and Joshua Bernard of Bernard Financial managed the loan origination for the transaction. Genworth Life and Annuity Insurance Company, in addition to being the lender, will also handle the loan servicing for the 142-unit multi-family property deal in Detroit.
Players
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
4.17%
Cash-on-Cash
-1.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93