FHA-insured · 223(f) purchase or refinance
Studio Park Lofts
122 Oakes St SW, Grand Rapids, MI 49503 · 271 units
Studio Park Lofts carries a $47.9 million FHA-insured mortgage at a 5.58% note rate, endorsed by HUD on March 26, 2026 and maturing in April 2061. HUD's file put the amortized balance at $47,664,812 as of September 30, 2026, with 34 years 7 months left on the term.
1% repaid
Would a 223(a)(7) refinance lower the payment?
This loan's 5.58% 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 $258,000 a month instead of about $259,000: roughly $15,000 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 Grand Rapids
- Grandview Apartments 192 units · 2.07% · matures 2055
- 20 Fulton 65 units · 2.35% · matures 2056
- 240 Ionia 48 units · 2.35% · matures 2056
- Redwood Grand Rapids Bainbrook Way 61 units · 2.35% · matures 2056
- Viewpointe Apartments 138 units · 2.45% · matures 2044
- 834 Lake Dr 37 units · 2.48% · matures 2056
- Pheasant Ridge Apartments 166 units · 2.48% · matures 2055
- Regency Park Apartments 250 units · 2.48% · matures 2045
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.