FHA-insured · 542(c) HFA risk-sharing
Payne Chapel Housing
1001 S Institute St, Colorado Springs, CO 80903 · 72 units
Payne Chapel Housing carries a $1.9 million FHA-insured mortgage at a 6.45% note rate, endorsed by HUD on July 14, 2009 and maturing in March 2051. HUD's file put the amortized balance at $1,675,912 as of September 30, 2026, with 24 years 6 months left on the term.
13% repaid
Insured during construction: initial endorsement July 2009, final endorsement February 2013 once the work was done. HUD's file does not show whether rent or income restrictions apply.
Would a refinance lower the payment?
This loan's 6.45% 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 $10,000 a month instead of about $11,000: roughly $11,000 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.
Other HUD-insured loans in Colorado Springs
- Hampton Village Apartments 120 units · 2.12% · matures 2033
- The Creek at Cottonwood 258 units · 2.25% · matures 2062
- Stetson Ridge Apartments 252 units · 2.53% · matures 2055
- Cheyenne Crossings Apartments 220 units · 2.9% · matures 2055
- Meadows at Cheyenne Mountain 240 units · 2.91% · matures 2052
- Eldorado Spring Apartments 236 units · 3.25% · matures 2063
- Senior Heritage Plaza 33 units · 3.5% · matures 2047
- Peaks at Woodmen 230 units · 3.77% · 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.