FHA-insured · 223(f) purchase or refinance
Princeton Towers I & II
909 Princeton Ave SW, Birmingham, AL 35211 · 240 units
Princeton Towers I & II carries a $10.7 million FHA-insured mortgage at a 3.6% note rate, endorsed by HUD on April 26, 2016 and maturing in May 2051. HUD's file put the amortized balance at $8,782,776 as of September 30, 2026, with 24 years 8 months left on the term.
18% repaid
What this rate is worth to a buyer
A buyer who assumes this loan keeps 3.6%. HUD-insured apartment loans endorsed in the 12 months before September 30, 2026 carried a median note rate of 5.54% (our calculation from the same HUD file). For scale: the same $8.8 million at 5.54% over the 24 years 8 months left would run about $54,000 a month in principal and interest, against about $45,000 at this loan's rate. On note rate alone that is roughly $116,000 a year. A new loan would be sized to the property's income, so treat this as the size of the rate gap, not a payment anyone has offered.
Mortgage insurance cuts the other way. Loans insured before October 2025 usually pay a higher annual premium than the 0.25% a new loan pays, which narrows the gap; the servicer can confirm this loan's premium.
An assumption covers only the balance. If the price is well above $8.8 million, the buyer funds the gap with equity. The transfer also needs HUD's approval of the buyer, which adds time to the closing. How a HUD loan assumption works.
Interested in this loan?
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 Birmingham
- Arbors at Cahaba River 348 units · 2.18% · matures 2056
- The Phoenix Building 74 units · 2.24% · matures 2056
- The Villas at Titusville Phase I 100 units · 2.27% · matures 2056
- Magnolia Court 240 units · 2.59% · matures 2052
- Monroe Ave Apts 76 units · 2.85% · matures 2036
- Park Place II 198 units · 2.92% · matures 2053
- Don L West Teamster Manor 30 units · 2.95% · matures 2043
- Metropolitan Gardens 197 units · 3.16% · 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.