FHA-insured · 221(d)(4) new construction or substantial rehab
Carver Park Phase III
2366 E 55th St, Cleveland, OH 44104 · 143 units
Carver Park Phase III carries a $14.0 million FHA-insured mortgage at a 6.4% note rate, endorsed by HUD on December 15, 2022 and maturing in April 2065. HUD's file put the amortized balance at $13,898,091 as of September 30, 2026, with 38 years 7 months left on the term. The loan is financed with tax-exempt bonds and paired with low-income housing tax credits.
1% repaid
Insured during construction: initial endorsement December 2022, final endorsement July 2025 once the work was done. HUD's file does not show whether rent or income restrictions apply.
Would a 223(a)(7) refinance lower the payment?
This loan's 6.4% 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 $73,000 a month instead of about $81,000: roughly $99,000 a year less, before mortgage insurance, closing costs and any prepayment premium in the note.
A 223(a)(7) is HUD's streamlined refinance of a loan it already insures. No cash out, and the new loan can't exceed this loan's original amount. Run this property through the 223(a)(7) estimator with your own rate, term and costs.
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.
Other HUD-insured loans in Cleveland
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- West Boulevard 118 units · 2.21% · matures 2056
- Euclid Beach Apartments 811 units · 2.3% · matures 2056
- Longwood Apts-Phase I 282 units · 2.33% · matures 2052
- Regency Square Apartments 66 units · 2.33% · matures 2053
- Shaker Boulevard Gardens 73 units · 2.33% · matures 2035
- Magnolia on Detroit 126 units · 2.37% · matures 2056
- Mount Auburn Manor 108 units · 2.4% · matures 2057
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.