Updated Oct 10, 2026
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.
On the Map
$2,800,000
MultiFamily
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Players
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