FHA-insured · 221(d)(4) new construction or substantial rehab
Lancaster Apartments
400 E 21st Ave, Gary, IN 46407 · 60 units
Lancaster Apartments carries a $2.4 million FHA-insured mortgage at a 5.75% note rate, endorsed by HUD on May 9, 2003 and maturing in June 2044. HUD's file put the amortized balance at $372,368 as of September 30, 2026, with 17 years 9 months left on the term. The loan is paired with low-income housing tax credits.
85% repaid
Insured during construction: initial endorsement May 2003, final endorsement August 2005 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 5.75% 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 Gary
- Concord Commons 354 units · 2.23% · matures 2056
- Woodlake Village 498 units · 2.23% · matures 2056
- Park Shore Commons 246 units · 2.75% · matures 2054
- Gary Nsa III 222 units · 2.97% · matures 2037
- Horace Mann Hope VI Developmen 123 units · 3.45% · matures 2052
- Willows on Clark Road 202 units · 4% · matures 2046
- Small Farms 200 units · 4.02% · matures 2053
- Homewood Village 92 units · 4.48% · matures 2053
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.