FHA-insured · 221(d)(4) new construction or substantial rehab
Bethel Gardens
81 Murph Ave, Hagerstown, MD 21740 · 94 units
Bethel Gardens carries a $6.2 million FHA-insured mortgage at a 3.3% note rate, endorsed by HUD on August 4, 2017 and maturing in October 2058. HUD's file put the amortized balance at $5,552,334 as of September 30, 2026, with 32 years 1 month left on the term.
11% repaid
Insured during construction: initial endorsement August 2017, final endorsement April 2019 once the work was done. HUD's file does not show whether rent or income restrictions apply.
What this rate is worth to a buyer
A buyer who assumes this loan keeps 3.3%. HUD-insured apartment loans endorsed in the 12 months before September 30, 2026 carried a median note rate of 5.54% (our calculation from the same HUD file). For scale: the same $5.6 million at 5.54% over the 32 years 1 month left would run about $31,000 a month in principal and interest, against about $23,000 at this loan's rate. On note rate alone that is roughly $90,000 a year. A new loan would be sized to the property's income, so treat this as the size of the rate gap, not a payment anyone has offered.
Mortgage insurance cuts the other way. Loans insured before October 2025 usually pay a higher annual premium than the 0.25% a new loan pays, which narrows the gap; the servicer can confirm this loan's premium.
An assumption covers only the balance. If the price is well above $5.6 million, the buyer funds the gap with equity. The transfer also needs HUD's approval of the buyer, which adds time to the closing. How a HUD loan assumption works.
Interested in this loan?
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.
Other HUD-insured loans in Hagerstown
- Alexander House 95 units · 2.595% · matures 2063
- Rosewood Village 233 units · 3.28% · matures 2054
- Elizabeth Court 111 units · 3.43% · matures 2051
- Rosewood Village Phase Ii-B 220 units · 3.85% · matures 2064
- Hopewell Station 60 units · 5.55% · matures 2060
- Stonecroft Apartments 108 units · 5.9% · matures 2030
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.