Answer first
In brief
California has 382 active HUD 223(f) loans with $5.3 billion of principal balance in HUD’s October 2026 file, a balance-weighted note rate of 3.75%. HUD’s production database records 108 223(f) initial endorsements in California from FY2022 through FY2026.
Key figures
Note rates by vintage
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 124 | 32.5% | $1.9B |
| 3.00% to 3.99% | 136 | 35.6% | $1.2B |
| 4.00% to 4.99% | 63 | 16.5% | $834.9M |
| 5.00% to 5.99% | 53 | 13.9% | $1.3B |
| 6.00% and above | 6 | 1.6% | $20.8M |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 28 | 4.11% |
| 2010 to 2014 | 84 | 3.45% |
| 2015 to 2019 | 97 | 3.41% |
| 2020 to 2022 | 114 | 2.88% |
| 2023 to 2026 | 59 | 5.31% |
Maturity profile
| Maturity year | Loans | Share of loans | Balance |
|---|---|---|---|
| 2026 to 2030 | 1 | 0.3% | $70,880 |
| 2031 to 2035 | 3 | 0.8% | $2.8M |
| 2036 to 2045 | 43 | 11.3% | $201.3M |
| 2046 to 2055 | 199 | 52.1% | $2.0B |
| 2056 and later | 136 | 35.6% | $3.1B |
Where the loans are
| City | Loans |
|---|---|
| Los Angeles | 34 |
| San Diego | 17 |
| Fresno | 13 |
| San Jose | 12 |
| San Francisco | 8 |
| Sacramento | 7 |
| Oakland | 6 |
| Hayward | 6 |
| Metro area | Loans |
|---|---|
| Los Angeles-Long Beach-Anaheim, CA | 115 |
| San Diego-Chula Vista-Carlsbad, CA | 40 |
| Riverside-San Bernardino-Ontario, CA | 39 |
| San Francisco-Oakland-Fremont, CA | 38 |
| Sacramento-Roseville-Folsom, CA | 21 |
| Fresno, CA | 17 |
Holders and lenders
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Lument Real Estate Capital, LLC | 104 | 27.2% | $990.9M |
| Dwight Capital LLC | 49 | 12.8% | $1000.0M |
| PNC Bank, National Association | 29 | 7.6% | $237.4M |
| Walker & Dunlop LLC | 28 | 7.3% | $551.5M |
| Berkadia Commercial Mortgage LLC | 25 | 6.5% | $583.8M |
| CBRE HMF Inc. | 21 | 5.5% | $280.8M |
| Lender at initial endorsement | Loans |
|---|---|
| Dwight Capital LLC | 32 |
| Lument Real Estate Capital, LLC | 23 |
| Walker & Dunlop LLC | 9 |
| Berkadia Commercial Mortgage LLC | 8 |
| Greystone Funding Company LLC | 8 |
| CBRE HMF Inc. | 5 |
Endorsements by fiscal year
| Fiscal year | Loans | Mortgage amount | Units |
|---|---|---|---|
| FY2022 | 37 | $842.3M | 4,869 |
| FY2023 | 27 | $591.2M | 3,062 |
| FY2024 | 10 | $166.2M | 877 |
| FY2025 | 17 | $434.0M | 1,790 |
| FY2026 | 17 | $591.0M | 1,997 |
What stands out
- Holder concentration is high: Lument Real Estate Capital, LLC is holder of record on 27.2% of the loans in California’s 223(f) book.
- HUD’s file flags 22.5% of California’s 223(f) book’s loans as tax-credit (LIHTC) properties, versus 16.4% for 223(f) nationally.
- The balance-weighted note rate in California’s 223(f) book is 3.75%, 0.12 percentage points above 223(f) nationally (3.63%).
- 2 loans in California’s 223(f) book (0.5%) mature by the end of 2031.
How 223(f) fits a bridge-to-HUD plan in California
223(f) is the usual permanent exit for a bridge-to-HUD plan on existing apartments: a bridge loan funds the acquisition or repositioning, and the 223(f) loan refinances it once the property meets HUD’s occupancy, operating history and coverage tests. In California, 59 active 223(f) loans were endorsed in 2023 or later at a weighted rate of 5.31%, which is the most current read on what recent borrowers locked. Bravo Capital’s HUD 223(f) loan guide covers terms and requirements; for timing, each stage (engagement to firm application, firm application to firm commitment, commitment to closing) takes about two months, about six months in total.
Related: 223(f) vs. 221(d)(4), acquiring a property with 223(f), Section 223(f) explained.
Bravo Capital HUD closings in California
- 4575 Monica, Santa Monica, CA: HUD 223(f), $4.7 million, closed July 2025
- Cathedral Arms, San Diego, CA: HUD 223(f), $49.4 million, closed November 2025
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.
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 223(f) loans are active in California?
HUD’s October 2026 active mortgage file lists 382 223(f) loans in California with $5.3 billion of principal balance and 42,323 units.
How many 223(f) loans closed in California recently?
HUD’s production database shows 108 223(f) initial endorsements in California from FY2022 through FY2026, including 17 in FY2026.
What rate do 223(f) loans in California carry?
The balance-weighted note rate across active 223(f) loans is 3.75%. Loans endorsed from 2023 to 2026 carry a weighted 5.31%, reflecting the higher rate environment.
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.