Answer first
In brief
Michigan has 318 active HUD 223(f) loans with $2.9 billion of principal balance in HUD’s October 2026 file, a balance-weighted note rate of 3.64%. HUD’s production database records 84 223(f) initial endorsements in Michigan from FY2022 through FY2026.
Key figures
Note rates by vintage
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 125 | 39.3% | $1.3B |
| 3.00% to 3.99% | 93 | 29.2% | $466.7M |
| 4.00% to 4.99% | 47 | 14.8% | $470.3M |
| 5.00% to 5.99% | 42 | 13.2% | $574.4M |
| 6.00% and above | 11 | 3.5% | $54.5M |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 48 | 4.20% |
| 2010 to 2014 | 57 | 3.18% |
| 2015 to 2019 | 57 | 3.23% |
| 2020 to 2022 | 112 | 2.92% |
| 2023 to 2026 | 44 | 5.41% |
Maturity profile
| Maturity year | Loans | Share of loans | Balance |
|---|---|---|---|
| 2026 to 2030 | 0 | 0.0% | $0 |
| 2031 to 2035 | 1 | 0.3% | $322,606 |
| 2036 to 2045 | 56 | 17.6% | $104.1M |
| 2046 to 2055 | 131 | 41.2% | $898.2M |
| 2056 and later | 130 | 40.9% | $1.9B |
Where the loans are
| City | Loans |
|---|---|
| Detroit | 25 |
| Grand Rapids | 23 |
| Kalamazoo | 13 |
| East Lansing | 9 |
| Ann Arbor | 8 |
| Lansing | 7 |
| Muskegon | 6 |
| Flint | 6 |
| Metro area | Loans |
|---|---|
| Detroit-Warren-Dearborn, MI | 137 |
| Grand Rapids-Wyoming-Kentwood, MI | 40 |
| Lansing-East Lansing, MI | 31 |
| Kalamazoo-Portage, MI | 16 |
| Ann Arbor, MI | 13 |
| Flint, MI | 11 |
Holders and lenders
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Berkadia Commercial Mortgage LLC | 61 | 19.2% | $601.4M |
| Lument Real Estate Capital, LLC | 61 | 19.2% | $471.5M |
| Grandbridge Real Estate Capital LLC | 34 | 10.7% | $126.3M |
| Arbor Agency Lending, LLC | 24 | 7.5% | $363.3M |
| Greystone Funding Company LLC | 17 | 5.3% | $160.1M |
| PNC Bank, National Association | 15 | 4.7% | $59.8M |
| Lender at initial endorsement | Loans |
|---|---|
| Lument Real Estate Capital, LLC | 27 |
| Berkadia Commercial Mortgage LLC | 18 |
| Arbor Agency Lending, LLC | 10 |
| Capital One N.A. | 5 |
| Greystone Funding Company LLC | 4 |
| Northpoint Capital LLC | 3 |
Endorsements by fiscal year
| Fiscal year | Loans | Mortgage amount | Units |
|---|---|---|---|
| FY2022 | 29 | $403.2M | 3,863 |
| FY2023 | 18 | $310.7M | 2,546 |
| FY2024 | 12 | $136.4M | 1,054 |
| FY2025 | 11 | $214.6M | 1,710 |
| FY2026 | 14 | $287.8M | 1,896 |
What stands out
How 223(f) fits a bridge-to-HUD plan in Michigan
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 Michigan, 44 active 223(f) loans were endorsed in 2023 or later at a weighted rate of 5.41%, 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.
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 Michigan?
HUD’s October 2026 active mortgage file lists 318 223(f) loans in Michigan with $2.9 billion of principal balance and 42,085 units.
How many 223(f) loans closed in Michigan recently?
HUD’s production database shows 84 223(f) initial endorsements in Michigan from FY2022 through FY2026, including 14 in FY2026.
What rate do 223(f) loans in Michigan carry?
The balance-weighted note rate across active 223(f) loans is 3.64%. Loans endorsed from 2023 to 2026 carry a weighted 5.41%, 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.