FHA-insured · 221(d)(4) new construction or substantial rehab
Western Horizon
2153 Lorain Dr, Lorain, OH 44052 · 353 units
Western Horizon carries a $28.0 million FHA-insured mortgage at a 5.87% note rate, endorsed by HUD on April 9, 2026 and maturing in November 2068. HUD's file put the amortized balance at $28,000,000 as of September 30, 2026, with 42 years 2 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 5.87% 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 $143,000 a month instead of about $150,000: roughly $77,000 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 Lorain
- Sacred Heart Manor 51 units · 3% · matures 2042
- Marshall Plaza Apartments 89 units · 3.43% · matures 2047
- Booker T. Washington 40 units · 3.75% · matures 2048
- Westgate Gardens Apartments 72 units · 3.75% · matures 2057
- Pearl Village Apartments 80 units · 3.89% · matures 2057
- Sacred Heart Manor 51 units · 4.95% · matures 2064
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.