Answer first
In brief
The Milwaukee-Waukesha, WI metro area has 115 active FHA-insured multifamily and healthcare loans with $1.3 billion of principal balance in HUD’s October 2026 file. The balance-weighted note rate is 3.85%, and 13.9% of the loans were endorsed in 2023 or later.
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
- 115 active FHA-insured loans with $1.3 billion of principal balance in the metro.
- Balance-weighted note rate of 3.85%; 68.7% of loans are below 4.00%.
- Largest program: 223(f) purchase or refinance (apartments) with 57.4% of loans.
- 37.4% of loans are on properties HUD flags as Section 8.
Program mix
| Program (section of the National Housing Act) | Loans | Share | Balance |
|---|---|---|---|
| 223(f) purchase or refinance (apartments) | 66 | 57.4% | $608.5M |
| 223(a)(7) refinance of an existing HUD loan (apartments) | 16 | 13.9% | $107.2M |
| Section 232/223(f) healthcare purchase or refinance | 14 | 12.2% | $149.0M |
| Section 232/223(a)(7) healthcare refinance | 9 | 7.8% | $52.0M |
| 221(d)(4) new construction or substantial rehab | 9 | 7.8% | $331.6M |
| Other and legacy sections (213, 220, 231, 221(d)(3)) | 1 | 0.9% | $101.1M |
Interest rate distribution
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 35 | 30.4% | $390.1M |
| 3.00% to 3.99% | 44 | 38.3% | $481.2M |
| 4.00% to 4.99% | 18 | 15.7% | $170.2M |
| 5.00% to 5.99% | 12 | 10.4% | $246.4M |
| 6.00% and above | 6 | 5.2% | $61.5M |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 5 | 4.32% |
| 2010 to 2014 | 31 | 3.42% |
| 2015 to 2019 | 24 | 3.54% |
| 2020 to 2022 | 39 | 2.99% |
| 2023 to 2026 | 16 | 5.71% |
Maturity profile
| Maturity year | Loans | Share of loans | Balance |
|---|---|---|---|
| 2026 to 2030 | 0 | 0.0% | $0 |
| 2031 to 2035 | 1 | 0.9% | $151,904 |
| 2036 to 2045 | 13 | 11.3% | $41.8M |
| 2046 to 2055 | 51 | 44.3% | $372.8M |
| 2056 and later | 50 | 43.5% | $934.6M |
Cities and states
| City | Loans |
|---|---|
| Milwaukee | 39 |
| Oak Creek | 12 |
| West Allis | 7 |
| Brookfield | 6 |
| Wauwatosa | 4 |
| Hales Corners | 4 |
| Greenfield | 4 |
| Waukesha | 4 |
State pages for this metro: Wisconsin.
Holders and active lenders
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Merchants Capital Corp. | 36 | 31.3% | $282.8M |
| Walker & Dunlop LLC | 15 | 13.0% | $164.0M |
| Berkadia Commercial Mortgage LLC | 14 | 12.2% | $169.2M |
| Merchants Capital Servicing LLC | 11 | 9.6% | $126.8M |
| JLL Real Estate Capital, LLC | 6 | 5.2% | $167.1M |
| PNC Bank, National Association | 5 | 4.3% | $17.0M |
| Lender at initial endorsement | Loans |
|---|---|
| Merchants Capital Corp. | 8 |
| Berkadia Commercial Mortgage LLC | 3 |
| Dwight Capital LLC | 1 |
| Bellwether Enterprise Real Estate Capita | 1 |
| PGIM Real Estate Agency Financing, LLC | 1 |
Recent endorsement activity
| Fiscal year | Loans | Mortgage amount | Units |
|---|---|---|---|
| FY2022 | 6 | $96.4M | 905 |
| FY2023 | 1 | $4.3M | 56 |
| FY2024 | 3 | $54.8M | 467 |
| FY2025 | 1 | $44.5M | 199 |
| FY2026 | 3 | $137.4M | 516 |
What stands out in this metro
- 223(f) purchase and refinance loans make up 57.4% of active loans in the metro, compared with 36.3% for the national portfolio.
- Risk-sharing loans made with state housing finance agencies make up 0.0% of active loans in the metro, compared with 8.8% for the national portfolio.
- HUD’s file flags 9.6% of the metro’s loans as tax-credit (LIHTC) properties, versus 21.2% for the national portfolio.
- Holder concentration is high: Merchants Capital Corp. is holder of record on 31.3% of the loans in the metro.
- 221(d)(4) construction and substantial rehab loans make up 7.8% of active loans in the metro, compared with 13.7% for the national portfolio.
- Section 232 healthcare loans make up 20.0% of active loans in the metro, compared with 38.1% for Wisconsin as a whole.
The bridge-to-HUD angle
HUD’s production database shows 14 apartment loans in the Milwaukee metro reaching initial endorsement from FY2022 through FY2026 ($337.4 million). FY2026 produced 3, level with 3 in FY2024. 11 of them were 223(f) purchase or refinance loans, each of which either funded an acquisition or replaced other debt such as a bank, CMBS, construction or bridge loan.
Because 69% of the existing HUD loans here carry rates below 4.00%, few current HUD borrowers in the Milwaukee metro have a rate reason to refinance. New HUD volume depends mostly on properties that come to HUD from other debt, which is where a bridge loan sized to a HUD exit fits.
6 loans in the Milwaukee metro carry note rates of 6.00% or higher. For those borrowers the streamlined option is a 223(a)(7) refinance when permanent rates allow; Bravo’s 223(a)(7) guide covers eligibility and process.
With 37% of the insured book on Section 8 properties, HAP contract term, contract rents and renewal strategy are central to underwriting. See refinancing a Section 8 HAP property with HUD.
Bravo Capital reviews bridge-to-HUD and permanent HUD requests through its loan inquiry.
More HUD data for Milwaukee-Waukesha, WI metro
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); HUD FHA Multifamily Firm Commitments and Endorsements Database (FY2001 to Q4 FY2026, data run October 8, 2026); HUD Insured Multifamily Properties, HUD Open Data (updated October 6, 2026) for metro area and Section 8 flags. 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 multifamily loans are active in the Milwaukee metro area?
HUD’s active insured mortgage file lists 115 FHA-insured multifamily and healthcare loans in the Milwaukee metro area with $1.3 billion of amortized principal balance, covering 13,533 units or beds, as of the October 2026 release.
What interest rates do HUD loans in the Milwaukee metro area carry?
The balance-weighted note rate is 3.85%. The most common band is 3.00% to 3.99% (38.3% of loans), and 5.2% of loans carry rates of 6.00% or higher. Rates exclude the mortgage insurance premium.
Who holds the most HUD loans in the Milwaukee metro area?
Merchants Capital Corp. is holder of record on 36 loans (31.3%) in HUD’s file. The holder of record is often the servicer or Ginnie Mae issuer, which can differ from the lender that originated the loan.
How much HUD debt in the Milwaukee metro area matures soon?
0 loans (0.0%) mature by the end of 2031. Most HUD loans are fully amortizing over 35 to 40 years, so maturities are spread thinly and refinancing is usually driven by rates, cash-out needs or a sale rather than a maturity date.
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.