FHA-insured · 220 urban renewal housing
Presidential Plaza at Newport Section II
30 Newport Pkwy, Jersey City, NJ 07310 · 896 units
Presidential Plaza at Newport Section II carries a $80.6 million FHA-insured mortgage at a 6.99% note rate, endorsed by HUD on December 24, 1985 and maturing in May 2029. HUD's file put the amortized balance at $14,689,527 as of September 30, 2026, with 2 years 8 months left on the term.
82% repaid
Insured during construction: initial endorsement December 1985, final endorsement October 1991 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 6.99% 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 $495,000 a month instead of about $504,000: roughly $116,000 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 Jersey City
- Summit Plaza 483 units · 2.08% · matures 2056
- Montgomery Gateway East I 202 units · 2.57% · matures 2056
- Atlantic Apartments 444 units · 2.6% · matures 2048
- East Hampton at Newport 441 units · 3.71% · matures 2046
- 16 Bennett 63 units · 3.74% · matures 2057
- Battery View Senior Cetizen Housing Aka Tikvah Towers 239 units · 3.75% · matures 2054
- Plaza Apartments 94 units · 3.83% · matures 2046
- Lafayette House 42 units · 4.08% · matures 2061
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.