Answer first
In brief
The Minneapolis-St. Paul-Bloomington, MN-WI metro area has 407 active FHA-insured multifamily and healthcare loans with $3.8 billion of principal balance in HUD’s October 2026 file. The balance-weighted note rate is 3.38%, and 13.3% 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
- 407 active FHA-insured loans with $3.8 billion of principal balance in the metro.
- Balance-weighted note rate of 3.38%; 67.6% of loans are below 4.00%.
- Largest program: 223(a)(7) refinance of an existing HUD loan (apartments) with 24.1% of loans.
- 22.1% of loans are on properties HUD flags as Section 8.
Program mix
| Program (section of the National Housing Act) | Loans | Share | Balance |
|---|---|---|---|
| 223(a)(7) refinance of an existing HUD loan (apartments) | 98 | 24.1% | $704.7M |
| 223(f) purchase or refinance (apartments) | 95 | 23.3% | $946.3M |
| 542(b) and 542(c) risk sharing (HFA and QPE) | 81 | 19.9% | $264.1M |
| 221(d)(4) new construction or substantial rehab | 65 | 16.0% | $1.0B |
| Section 232/223(f) healthcare purchase or refinance | 35 | 8.6% | $359.7M |
| Other and legacy sections (213, 220, 231, 221(d)(3)) | 15 | 3.7% | $260.6M |
| Section 232/223(a)(7) healthcare refinance | 14 | 3.4% | $182.8M |
| 241(a) supplemental loans (apartments) | 3 | 0.7% | $8.0M |
| Section 232 new construction or substantial rehab | 1 | 0.2% | $4.5M |
Interest rate distribution
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 133 | 32.7% | $1.6B |
| 3.00% to 3.99% | 142 | 34.9% | $1.4B |
| 4.00% to 4.99% | 69 | 17.0% | $374.1M |
| 5.00% to 5.99% | 50 | 12.3% | $305.5M |
| 6.00% and above | 13 | 3.2% | $95.0M |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 25 | 4.12% |
| 2010 to 2014 | 119 | 3.19% |
| 2015 to 2019 | 99 | 3.44% |
| 2020 to 2022 | 110 | 2.78% |
| 2023 to 2026 | 54 | 5.35% |
Maturity profile
| Maturity year | Loans | Share of loans | Balance |
|---|---|---|---|
| 2026 to 2030 | 0 | 0.0% | $0 |
| 2031 to 2035 | 5 | 1.2% | $5.3M |
| 2036 to 2045 | 46 | 11.3% | $111.1M |
| 2046 to 2055 | 181 | 44.5% | $1.3B |
| 2056 and later | 175 | 43.0% | $2.3B |
Cities and states
| City | Loans |
|---|---|
| Minneapolis | 71 |
| St. Paul | 35 |
| St Paul | 16 |
| Bloomington | 13 |
| Eden Prairie | 13 |
| Burnsville | 11 |
| Maplewood | 11 |
| Eagan | 11 |
Holders and active lenders
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Colliers Mortgage LLC | 132 | 32.4% | $1.7B |
| JLL Real Estate Capital, LLC | 88 | 21.6% | $860.8M |
| Minnesota Housing Finance Agency | 80 | 19.7% | $257.9M |
| Wells Fargo Bank N.A. | 29 | 7.1% | $163.9M |
| Lument Real Estate Capital, LLC | 14 | 3.4% | $101.9M |
| Northmarq Finance LLC | 8 | 2.0% | $84.0M |
| Lender at initial endorsement | Loans |
|---|---|
| Minnesota Housing Finance Agency | 31 |
| Colliers Mortgage LLC | 29 |
| JLL Real Estate Capital, LLC | 5 |
| Dwight Capital LLC | 3 |
| Lument Real Estate Capital, LLC | 2 |
| Gershman Investment Corp. | 2 |
Recent endorsement activity
| Fiscal year | Loans | Mortgage amount | Units |
|---|---|---|---|
| FY2022 | 31 | $457.2M | 2,899 |
| FY2023 | 9 | $61.3M | 571 |
| FY2024 | 14 | $108.0M | 872 |
| FY2025 | 13 | $86.0M | 1,192 |
| FY2026 | 14 | $138.9M | 1,107 |
What stands out in this metro
- Risk-sharing loans made with state housing finance agencies make up 19.9% of active loans in the metro, compared with 8.8% for the national portfolio.
- 223(a)(7) refinances make up 24.1% of active loans in the metro, compared with 13.7% for the national portfolio.
- The balance-weighted note rate in the metro is 3.38%, 0.57 percentage points below the national portfolio (3.95%).
- Section 232 healthcare loans make up 12.3% of active loans in the metro, compared with 25.7% for the national portfolio.
- HUD’s file flags 34.4% of the metro’s loans as tax-credit (LIHTC) properties, versus 21.2% for the national portfolio.
- Holder concentration is high: Colliers Mortgage LLC is holder of record on 32.4% of the loans in the metro.
The bridge-to-HUD angle
HUD’s production database shows 81 apartment loans in the Minneapolis metro reaching initial endorsement from FY2022 through FY2026 ($851.4 million). FY2026 produced 14, level with 14 in FY2024. 25 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 68% of the existing HUD loans here carry rates below 4.00%, few current HUD borrowers in the Minneapolis 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.
13 loans in the Minneapolis 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.
221(d)(4) construction loans are 16% of the book, so a pipeline of recently completed properties exists. Owners that financed construction conventionally often use a short bridge through lease-up and then refinance with HUD 223(f); see lease-up to HUD 223(f).
Bravo Capital reviews bridge-to-HUD and permanent HUD requests through its loan inquiry.
More HUD data for Minneapolis-St. Paul-Bloomington, MN-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 Minneapolis metro area?
HUD’s active insured mortgage file lists 407 FHA-insured multifamily and healthcare loans in the Minneapolis metro area with $3.8 billion of amortized principal balance, covering 42,206 units or beds, as of the October 2026 release.
What interest rates do HUD loans in the Minneapolis metro area carry?
The balance-weighted note rate is 3.38%. The most common band is 3.00% to 3.99% (34.9% of loans), and 3.2% of loans carry rates of 6.00% or higher. Rates exclude the mortgage insurance premium.
Who holds the most HUD loans in the Minneapolis metro area?
Colliers Mortgage LLC is holder of record on 132 loans (32.4%) 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 Minneapolis metro area matures soon?
1 loans (0.2%) 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.