FHA-insured · 223(a)(7) refinance
City Gardens
2901 N Bristol St, Santa Ana, CA 92706 · 276 units
City Gardens carries a $31.6 million FHA-insured mortgage at a 3.95% note rate, endorsed by HUD on July 27, 2023 and maturing in August 2058. HUD's file put the amortized balance at $30,270,570 as of September 30, 2026, with 31 years 11 months left on the term.
4% repaid
What this rate is worth to a buyer
A buyer who assumes this loan keeps 3.95%. 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 $30.3 million at 5.54% over the 31 years 11 months left would run about $169,000 a month in principal and interest, against about $139,000 at this loan's rate. On note rate alone that is roughly $354,000 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 $30.3 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 Santa Ana
- San Tropez Apts 130 units · 2.5% · matures 2048
- Santa Ana Towers 199 units · 2.88% · matures 2062
- Alder Court 99 units · 3.486% · matures 2046
- Newhope Pines Apartments 56 units · 3.9% · matures 2049
- Flower Park Plaza 198 units · 4.83% · matures 2051
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.