Updated Jan 28, 2025
Botsford Place Terrace Apartments LLC Secures $2.8M Refinance Loan For 98-Unit Property In Farmington Hills
27883 Independence Street
$2,800,000
Units
98
Asset Type
MultiFamily
Closing
Jan 28, 2025
About this deal
AI
The property asset involved in this transaction is a 98-unit multifamily property located at 27883 Independence Street in Farmington Hills, MI. The refinancing loan arranged for this asset amounts to $2,800,000. The property is managed by Botsford Place Terrace Apartments LLC.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,800,000
- Lender: Genisys Credit Union
- Landlord: Botsford Place Terrace Apartments LLC
- Broker: David Ruff - Bernard Financial Group
- Loan Type: Refinance
David Ruff from Bernard Financial Group secured the refinancing loan on behalf of Botsford Place Terrace Apartments LLC, facilitating the transaction with Genisys Credit Union.
Farmington Hills 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
5.67%
Cash-on-Cash
-1.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93