FHA-insured · 223(a)(7) refinance
Fall Creek Village I
3515 N Pennsylvania St, Indianapolis, IN 46208 · 67 units
Fall Creek Village I carries a $462,200 FHA-insured mortgage at a 6.25% note rate, endorsed by HUD on June 24, 2005 and maturing in July 2035. HUD's file put the amortized balance at $231,363 as of September 30, 2026, with 8 years 10 months left on the term.
50% repaid
Would a 223(a)(7) refinance lower the payment?
This loan's 6.25% 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 $3,000 a month instead of about $3,000: roughly $1,000 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 Indianapolis
- River Ridge I 202 units · 2.12% · matures 2047
- River Ridge II 66 units · 2.15% · matures 2052
- River Crossing at Keystone 314 units · 2.18% · matures 2047
- Castleton Manor Apartments 220 units · 2.22% · matures 2056
- Slate Run Apartments 123 units · 2.22% · matures 2055
- Redwood Indianapolis (camden Oaks) Ph2 87 units · 2.28% · matures 2056
- Woodbridge of Castleton I 204 units · 2.3% · matures 2047
- Woodbridge of Castleton II 114 units · 2.3% · matures 2047
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.