Answer first
In brief
Florida has 212 active HUD 223(f) loans with $3.8 billion of principal balance in HUD’s October 2026 file, a balance-weighted note rate of 3.72%. HUD’s production database records 82 223(f) initial endorsements in Florida from FY2022 through FY2026.
Key figures
Note rates by vintage
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 73 | 34.4% | $1.3B |
| 3.00% to 3.99% | 74 | 34.9% | $1.0B |
| 4.00% to 4.99% | 23 | 10.8% | $554.0M |
| 5.00% to 5.99% | 37 | 17.5% | $826.8M |
| 6.00% and above | 5 | 2.4% | $81.6M |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 15 | 3.82% |
| 2010 to 2014 | 20 | 3.38% |
| 2015 to 2019 | 57 | 3.38% |
| 2020 to 2022 | 79 | 2.80% |
| 2023 to 2026 | 41 | 5.35% |
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 | 15 | 7.1% | $39.4M |
| 2046 to 2055 | 94 | 44.3% | $1.3B |
| 2056 and later | 103 | 48.6% | $2.5B |
Where the loans are
| City | Loans |
|---|---|
| Miami | 18 |
| Orlando | 16 |
| Jacksonville | 11 |
| Tampa | 8 |
| Gainesville | 7 |
| Fort Lauderdale | 6 |
| Hialeah | 5 |
| Bradenton | 5 |
| Metro area | Loans |
|---|---|
| Miami-Fort Lauderdale-West Palm Beach, FL | 68 |
| Orlando-Kissimmee-Sanford, FL | 27 |
| Tampa-St. Petersburg-Clearwater, FL | 22 |
| Jacksonville, FL | 18 |
| North Port-Bradenton-Sarasota, FL | 11 |
| Gainesville, FL | 9 |
Holders and lenders
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Greystone Funding Company LLC | 32 | 15.1% | $777.6M |
| Lument Real Estate Capital, LLC | 25 | 11.8% | $247.1M |
| JLL Real Estate Capital, LLC | 16 | 7.5% | $388.5M |
| Berkadia Commercial Mortgage LLC | 13 | 6.1% | $192.3M |
| First Housing Dev Corp. of Fl | 13 | 6.1% | $94.9M |
| Walker & Dunlop LLC | 13 | 6.1% | $159.4M |
| Lender at initial endorsement | Loans |
|---|---|
| Greystone Funding Company LLC | 13 |
| Dwight Capital LLC | 10 |
| Lument Real Estate Capital, LLC | 9 |
| JLL Real Estate Capital, LLC | 6 |
| Berkadia Commercial Mortgage LLC | 6 |
| Walker & Dunlop LLC | 5 |
Endorsements by fiscal year
| Fiscal year | Loans | Mortgage amount | Units |
|---|---|---|---|
| FY2022 | 35 | $884.3M | 6,720 |
| FY2023 | 20 | $351.2M | 3,140 |
| FY2024 | 9 | $156.3M | 1,191 |
| FY2025 | 6 | $139.3M | 1,131 |
| FY2026 | 12 | $558.2M | 2,449 |
What stands out
- HUD’s file flags 29.2% of Florida’s 223(f) book’s loans as tax-credit (LIHTC) properties, versus 16.4% for 223(f) nationally.
- 32.5% of Florida’s 223(f) book’s insured loans are on properties HUD flags as Section 8, versus 44.9% for 223(f) nationally.
- The average balance per loan in Florida’s 223(f) book is $18.1 million, larger than the $11.8 million average for 223(f) nationally.
How 223(f) fits a bridge-to-HUD plan in Florida
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 Florida, 41 active 223(f) loans were endorsed in 2023 or later at a weighted rate of 5.35%, 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 Florida
- Wyn 5, Miami, FL: HUD 223(f), $4.6 million, closed September 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.
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 Florida?
HUD’s October 2026 active mortgage file lists 212 223(f) loans in Florida with $3.8 billion of principal balance and 38,512 units.
How many 223(f) loans closed in Florida recently?
HUD’s production database shows 82 223(f) initial endorsements in Florida from FY2022 through FY2026, including 12 in FY2026.
What rate do 223(f) loans in Florida carry?
The balance-weighted note rate across active 223(f) loans is 3.72%. Loans endorsed from 2023 to 2026 carry a weighted 5.35%, 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.