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FHA-insured · 542(c) HFA risk-sharing

Garfield School Senior Residence

1518 25th Ave, Moline, IL 61265 · 57 units

Garfield School Senior Residence carries a $1.3 million FHA-insured mortgage at a 6.1% note rate, endorsed by HUD on July 29, 2020 and maturing in September 2055. HUD's file put the amortized balance at $1,200,363 as of September 30, 2026, with 29 years left on the term. The loan is paired with low-income housing tax credits.

Note rate
6.1%
Balance, September 2026
$1,200,363
Monthly principal and interest
$7,363
Matures
September 2055
Original amount
$1,276,236
Original amount per unit
$22,390
Term
420 months (35 years)
First payment
October 1, 2020
Initial endorsement
July 29, 2020
HUD program (as filed)
542(C) HFA RISK SHG -- FFB NC/SR (YHC)
FHA project number
07198060
Mortgage holder
Illinois Housing Development A
Servicer
Illinois Housing Development A

Would a refinance lower the payment?

This loan's 6.1% 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 $7,000 a month instead of about $7,000: 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 Moline

All 6 in Moline

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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.