Answer first
In brief
Florida has 98 active HUD 221(d)(4) loans with $2.7 billion of principal balance in HUD’s October 2026 file, a balance-weighted note rate of 4.40%. HUD’s production database records 36 221(d)(4) initial endorsements in Florida from FY2022 through FY2026.
Key figures
Note rates by vintage
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 12 | 12.2% | $332.6M |
| 3.00% to 3.99% | 39 | 39.8% | $1.0B |
| 4.00% to 4.99% | 16 | 16.3% | $336.4M |
| 5.00% to 5.99% | 23 | 23.5% | $806.4M |
| 6.00% and above | 8 | 8.2% | $202.4M |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 0 | no loans |
| 2010 to 2014 | 12 | 3.64% |
| 2015 to 2019 | 38 | 3.77% |
| 2020 to 2022 | 20 | 3.23% |
| 2023 to 2026 | 28 | 5.75% |
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 | 0 | 0.0% | $0 |
| 2046 to 2055 | 11 | 11.2% | $54.6M |
| 2056 and later | 87 | 88.8% | $2.6B |
Where the loans are
| City | Loans |
|---|---|
| Orlando | 6 |
| Gainesville | 5 |
| Miami | 5 |
| Bradenton | 4 |
| West Palm Beach | 3 |
| Sarasota | 3 |
| Cocoa | 3 |
| St. Petersburg | 3 |
| Metro area | Loans |
|---|---|
| Miami-Fort Lauderdale-West Palm Beach, FL | 19 |
| Orlando-Kissimmee-Sanford, FL | 15 |
| Tampa-St. Petersburg-Clearwater, FL | 14 |
| North Port-Bradenton-Sarasota, FL | 9 |
| Gainesville, FL | 7 |
| Palm Bay-Melbourne-Titusville, FL | 6 |
Holders and lenders
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Walker & Dunlop LLC | 13 | 13.3% | $462.8M |
| First Housing Dev Corp. of Fl | 12 | 12.2% | $196.7M |
| Berkadia Commercial Mortgage LLC | 10 | 10.2% | $344.1M |
| Merchants Capital Corp. | 9 | 9.2% | $181.9M |
| Greystone Funding Company LLC | 7 | 7.1% | $221.1M |
| Wells Fargo Bank N.A. | 7 | 7.1% | $69.6M |
| Lender at initial endorsement | Loans |
|---|---|
| Berkadia Commercial Mortgage LLC | 5 |
| Merchants Capital Corp. | 5 |
| Wells Fargo Bank N.A. | 5 |
| Greystone Funding Company LLC | 5 |
| Walker & Dunlop LLC | 4 |
| Highland Commercial Mortgage LLC | 2 |
Endorsements by fiscal year
| Fiscal year | Loans | Mortgage amount | Units |
|---|---|---|---|
| FY2022 | 4 | $146.8M | 770 |
| FY2023 | 9 | $159.5M | 1,387 |
| FY2024 | 5 | $204.8M | 1,070 |
| FY2025 | 10 | $347.4M | 1,949 |
| FY2026 | 8 | $372.1M | 1,994 |
What stands out
- HUD’s file flags 40.8% of Florida’s 221(d)(4) book’s loans as tax-credit (LIHTC) properties, versus 55.0% for 221(d)(4) nationally.
- 22.4% of Florida’s 221(d)(4) book’s insured loans are on properties HUD flags as Section 8, versus 34.0% for 221(d)(4) nationally.
- 28.6% of active loans in Florida’s 221(d)(4) book were endorsed in 2023 or later (20.6% for 221(d)(4) nationally), so a larger share of the book carries post-2022 coupons.
- 52.0% of loans in Florida’s 221(d)(4) book carry note rates below 4.00% (58.7% for 221(d)(4) nationally).
- The balance-weighted note rate in Florida’s 221(d)(4) book is 4.40%, 0.25 percentage points above 221(d)(4) nationally (4.15%).
How 221(d)(4) fits a bridge-to-HUD plan in Florida
221(d)(4) finances new construction or substantial rehabilitation and converts to a permanent loan after completion. Interim capital in a 221(d)(4) plan is usually predevelopment or land financing ahead of the insured construction closing; work started too early can create environmental or program issues. In Florida, 28 active 221(d)(4) loans were endorsed in 2023 or later. Bravo’s HUD 221(d)(4) loan guide covers terms. Related: predevelopment bridge to 221(d)(4), Davis-Bacon prevailing wages, Section 221(d)(4) explained.
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 221(d)(4) loans are active in Florida?
HUD’s October 2026 active mortgage file lists 98 221(d)(4) loans in Florida with $2.7 billion of principal balance and 18,462 units.
How many 221(d)(4) loans closed in Florida recently?
HUD’s production database shows 36 221(d)(4) initial endorsements in Florida from FY2022 through FY2026, including 8 in FY2026.
What rate do 221(d)(4) loans in Florida carry?
The balance-weighted note rate across active 221(d)(4) loans is 4.40%. Loans endorsed from 2023 to 2026 carry a weighted 5.75%, 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.