FHA-insured · 221(d)(4) new construction or substantial rehab
Terrace Gardens
85 W Church St, Newark, OH 43055 · 99 units
Terrace Gardens carries a $6.2 million FHA-insured mortgage at a 5.99% note rate, endorsed by HUD on November 5, 2024 and maturing in August 2066. HUD's file put the amortized balance at $6,175,000 as of September 30, 2026, with 39 years 11 months left on the term. The loan is financed with tax-exempt bonds and paired with low-income housing tax credits.
0% repaid
Would a 223(a)(7) refinance lower the payment?
This loan's 5.99% 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 $32,000 a month instead of about $34,000: roughly $23,000 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 Newark
- Washington Square Plaza 103 units · 3.22% · matures 2051
- Johnny John Commons 40 units · 3.24% · matures 2055
- Washington Square II Apts 124 units · 3.9% · matures 2037
- Newark Village 46 units · 4.65% · matures 2054
- Newark Townhomes 51 units · 5.15% · matures 2052
- Redwood Newark (river Trails) -Phases I&ii 113 units · 6.07% · matures 2058
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.