Answer first
In brief
Virginia has 86 active HUD Section 232 healthcare loans with $1.6 billion of principal balance, according to HUD’s October 2026 active mortgage file. Skilled nursing (nursing home) facilities account for 70.9% of them, and the balance-weighted note rate is 5.18%.
Compiled by Bravo Capital, a HUD-approved MAP and LEAN lender, from the HUD public data files listed under Data source and method.
Key figures
Facility types and programs
| Facility type | Loans | Share |
|---|---|---|
| Skilled nursing (nursing home) | 61 | 70.9% |
| Assisted living | 25 | 29.1% |
| Program (section of the National Housing Act) | Loans | Share | Balance |
|---|---|---|---|
| Section 232/223(f) healthcare purchase or refinance | 66 | 76.7% | $1.4B |
| Section 232/223(a)(7) healthcare refinance | 13 | 15.1% | $106.9M |
| Section 232 new construction or substantial rehab | 6 | 7.0% | $104.2M |
| Section 223(d)/232 operating loss loans | 1 | 1.2% | $1.3M |
Interest rate distribution
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 15 | 17.4% | $166.1M |
| 3.00% to 3.99% | 17 | 19.8% | $176.7M |
| 4.00% to 4.99% | 11 | 12.8% | $112.5M |
| 5.00% to 5.99% | 23 | 26.7% | $640.7M |
| 6.00% and above | 20 | 23.3% | $491.7M |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 0 | no loans |
| 2010 to 2014 | 10 | 3.39% |
| 2015 to 2019 | 16 | 3.69% |
| 2020 to 2022 | 17 | 3.03% |
| 2023 to 2026 | 43 | 5.91% |
Maturity profile
| Maturity year | Loans | Share of loans | Balance |
|---|---|---|---|
| 2026 to 2030 | 0 | 0.0% | $0 |
| 2031 to 2035 | 0 | 0.0% | $0 |
| 2036 to 2045 | 4 | 4.7% | $19.1M |
| 2046 to 2055 | 23 | 26.7% | $191.7M |
| 2056 and later | 59 | 68.6% | $1.4B |
Where the facilities are
| City | Loans |
|---|---|
| Lynchburg | 5 |
| Leesburg | 4 |
| Virginia Beach | 4 |
| Herndon | 3 |
| Fredericksburg | 3 |
| Roanoke | 3 |
| Richmond | 3 |
| Chesapeake | 2 |
Holders of record
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Lument Real Estate Capital, LLC | 25 | 29.1% | $276.7M |
| KeyBank National Association | 16 | 18.6% | $547.1M |
| Merchants Capital Corp. | 12 | 14.0% | $212.4M |
| PGIM Real Estate Agency Financing, LLC | 5 | 5.8% | $45.5M |
| NewPoint Real Estate Capital LLC | 5 | 5.8% | $61.6M |
| M&T Realty Capital Corporation | 4 | 4.7% | $139.0M |
What stands out in Virginia
- 50.0% of active loans in Virginia were endorsed in 2023 or later (26.8% for Section 232 nationally), so a larger share of the book carries post-2022 coupons.
- 37.2% of loans in Virginia carry note rates below 4.00% (61.5% for Section 232 nationally).
- The balance-weighted note rate in Virginia is 5.18%, 0.83 percentage points above Section 232 nationally (4.35%).
- The average balance per loan in Virginia is $18.5 million, larger than the $10.4 million average for Section 232 nationally.
- Holder concentration is high: Lument Real Estate Capital, LLC is holder of record on 29.1% of the loans in Virginia.
The bridge-to-HUD angle for healthcare
Of Virginia’s 86 Section 232 loans, 66 are 232/223(f) purchase or refinance loans and 13 are 232/223(a)(7) refinances of existing HUD loans. A bridge loan usually comes before a 232/223(f): after an acquisition, an operator change, or a period when census, payer mix or survey history is not yet where HUD underwriting needs it.
20 facilities here carry note rates of 6.00% or higher, mostly recent vintages. If rates allow, a 232/223(a)(7) refinance is the streamlined route for those loans.
Related guides: bridge-to-HUD for skilled nursing and senior care, operator transitions, assisted living bridge-to-HUD and LEAN processing. Bravo’s Section 232 loan page and 232 Express Lane page cover program terms.
See also Bravo’s Virginia and West Virginia skilled nursing HUD page.
Bravo Capital HUD closings in Virginia
- Lawrenceville Health and Rehabilitation, Lawrenceville, VA: HUD 232/223(f), $12.2 million, closed March 2026
- Blue Ridge Therapy Connection, Stuart, VA: HUD 232/223(f), $41.6 million, closed March 2026
- Wyndhurst Health and Rehabilitation, Lynchburg, VA: HUD 232/223(f), $34.2 million, closed July 2026
- Winchester Health and Rehabilitation, Winchester, VA: HUD 232/223(f), $18.4 million, closed October 2026
These are part of Bravo’s record of 26 HUD firm commitments received since April 2022, all closed, totaling $526.0 million. The method is on the HUD Closing Scorecard.
More HUD data for Virginia
Data source and method
Data source: HUD Insured Multifamily Mortgages (active), file FHA-BF90-RM-A, as of the October 2026 release (loans endorsed through September 29, 2026). Aggregates computed by Bravo Capital; no owner or contact information is used.
Balances are HUD’s reported amortized principal balance. Interest rates are note rates as reported by HUD (mortgage insurance premium not included), and the average shown is weighted by balance. Metro areas use HUD’s Core Based Statistical Area assignment for each property. “Holder” is the holder of record in HUD’s file, which is often the servicer or Ginnie Mae issuer rather than the original lender. Initial endorsement counts come from HUD’s multifamily production database, which covers apartment programs and does not include Section 232 healthcare loans.
Common questions
Frequently asked questions
How many HUD Section 232 loans are active in Virginia?
HUD’s October 2026 active mortgage file lists 86 Section 232 healthcare loans in Virginia with $1.6 billion of principal balance, covering 8,330 beds or units.
What types of facilities have HUD 232 loans in Virginia?
Skilled nursing (nursing home): 61 loans; Assisted living: 25 loans. HUD classifies each loan by the facility type in its section of the act code.
What rates do Section 232 loans in Virginia carry?
The balance-weighted note rate is 5.18%, with 37.2% of loans below 4.00% and 23.3% at 6.00% or higher. Rates exclude the mortgage insurance premium.
Who holds the most Section 232 loans in Virginia?
Lument Real Estate Capital, LLC is holder of record on 25 loans (29.1%). Holder of record is often the servicer or Ginnie Mae issuer.
Created by Bravo Capital, a HUD-approved MAP and LEAN lender, and expert-reviewed by the Bravo Capital HUD Underwriting Team. Figures are computed from HUD public data files listed above. Last updated . This page is educational and is not a credit decision or commitment to lend.