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FHA-insured · 542(c) HFA risk-sharing

Storms Avenue Elderly Apts

111 Storms Ave, Jersey City, NJ 07306 · 79 units

Storms Avenue Elderly Apts carries a $7.5 million FHA-insured mortgage at a 5.75% note rate, endorsed by HUD on October 24, 2008 and maturing in October 2048. HUD's file put the amortized balance at $6,002,540 as of September 30, 2026, with 22 years 1 month left on the term. The loan is financed with tax-exempt bonds and paired with low-income housing tax credits.

Note rate
5.75%
Balance, September 2026
$6,002,540
Monthly principal and interest
$40,044
Matures
October 2048
Original amount
$7,514,607
Original amount per unit
$95,122
Term
480 months (40 years)
First payment
November 1, 2008
Initial endorsement
October 24, 2008
HUD program (as filed)
542(c) HFA Risk Sharing-Existing (YHE)
FHA project number
03198022
Mortgage holder
New Jersey Hous Mtg Fin Agcy
Servicer
New Jersey Hous Mtg Fin Agcy

Would a 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 $39,000 a month instead of about $40,000: roughly $9,000 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 Jersey City

All 16 in Jersey City

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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.