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FHA-insured · 542(c) HFA risk-sharing

315 Park Avenue Apartments

315 Park Ave, Cranston, RI 02905 · 71 units

315 Park Avenue Apartments carries a $9.7 million FHA-insured mortgage at a 5.61% note rate, endorsed by HUD on October 27, 2022 and maturing in December 2062. HUD's file put the amortized balance at $9,381,129 as of September 30, 2026, with 36 years 3 months left on the term.

Note rate
5.61%
Balance, September 2026
$9,381,129
Monthly principal and interest
$50,496
Matures
December 2062
Original amount
$9,650,000
Original amount per unit
$135,915
Term
480 months (40 years)
First payment
January 1, 2023
Initial endorsement
October 27, 2022
HUD program (as filed)
542(C) HFA RISK SHG---FFB EXISTING (YHF)
FHA project number
01698176
Mortgage holder
Rhode Island Hsg Mtge Fin Corp
Servicer
Rhode Island Hsg Mtge Fin Corp

Would a refinance lower the payment?

This loan's 5.61% rate is above the 5.54% median on HUD apartment loans endorsed in the 12 months before September 30, 2026. At that median, on the same balance and remaining term, principal and interest would run about $50,000 a month instead of about $50,000: roughly $5,000 a year less, before mortgage insurance, closing costs and any prepayment premium in the note.

This is a risk-sharing loan, which HUD does not allow to use a 223(a)(7). The usual route is a new 223(f) loan, sized on the property's current income.

Own this property?

Send it to the commercial mortgage team at Janover Capital LLC. Say whether you are assuming, refinancing or adding a supplemental loan, and we will give you a preliminary read on what a HUD lender is likely to need. Any terms come from the lender.

Janover Capital LLC is not HUD, FHA or the lender on this loan, and is not affiliated with or endorsed by either. The loan figures on this page come from HUD's public file and are not an offer of credit.

The deal
You

Goes to the commercial mortgage desk at Janover Capital LLC, not to HUD. Prefer email? hello@hudmultifamily.loan

Other HUD-insured loans in Cranston

All 7 in Cranston

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Source: HUD, Insured Multifamily Mortgages, active file, current as of September 30, 2026. Street address from HUD's Insured Multifamily Properties map layer. Rates and balances are as HUD reports them; if HUD's file is wrong, this page is too. How we use the data.