FHA-insured · 221(d)(4) new construction or substantial rehab
Zephyr Line Apartments
1391 Zephyr St, Lakewood, CO 80214 · 95 units
Zephyr Line Apartments carries a $9.8 million FHA-insured mortgage at a 3.72% note rate, endorsed by HUD on August 28, 2014 and maturing in January 2056. HUD's file put the amortized balance at $8,419,708 as of September 30, 2026, with 29 years 4 months left on the term. The loan is financed with tax-exempt bonds and paired with low-income housing tax credits.
14% repaid
Insured during construction: initial endorsement August 2014, final endorsement April 2016 once the work was done. HUD's file does not show whether rent or income restrictions apply.
What this rate is worth to a buyer
A buyer who assumes this loan keeps 3.72%. 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 $8.4 million at 5.54% over the 29 years 4 months left would run about $48,000 a month in principal and interest, against about $39,000 at this loan's rate. On note rate alone that is roughly $109,000 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 $8.4 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 Lakewood
- Westridge Apartments 193 units · 2.24% · matures 2056
- 13th & Wadsworth 151 units · 2.96% · matures 2064
- Kipling Townhomes 60 units · 3.49% · matures 2047
- Eiber Village at Garrison Station 50 units · 3.77% · matures 2038
- Oak Street Station Apartments 291 units · 3.88% · matures 2059
- Robinson Place 67 units · 4% · matures 2064
- Westland Tower Apartments 100 units · 4.01% · matures 2043
- Village Cooperative of Lakewood 61 units · 4.39% · matures 2060
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.