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In brief
New York has 277 active HUD 223(f) loans with $4.9 billion of principal balance in HUD’s October 2026 file, a balance-weighted note rate of 3.93%. HUD’s production database records 97 223(f) initial endorsements in New York from FY2022 through FY2026.
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
Note rates by vintage
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 82 | 29.6% | $1.8B |
| 3.00% to 3.99% | 94 | 33.9% | $874.2M |
| 4.00% to 4.99% | 30 | 10.8% | $325.5M |
| 5.00% to 5.99% | 58 | 20.9% | $1.8B |
| 6.00% and above | 13 | 4.7% | $147.0M |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 23 | 5.02% |
| 2010 to 2014 | 53 | 3.44% |
| 2015 to 2019 | 65 | 3.27% |
| 2020 to 2022 | 75 | 2.78% |
| 2023 to 2026 | 61 | 5.41% |
Maturity profile
| Maturity year | Loans | Share of loans | Balance |
|---|---|---|---|
| 2026 to 2030 | 0 | 0.0% | $0 |
| 2031 to 2035 | 1 | 0.4% | $527,420 |
| 2036 to 2045 | 28 | 10.1% | $78.6M |
| 2046 to 2055 | 132 | 47.7% | $1.6B |
| 2056 and later | 116 | 41.9% | $3.2B |
Where the loans are
| City | Loans |
|---|---|
| New York | 48 |
| Brooklyn | 40 |
| Bronx | 20 |
| Buffalo | 9 |
| Syracuse | 7 |
| Staten Island | 5 |
| Jamaica | 5 |
| Poughkeepsie | 4 |
| Metro area | Loans |
|---|---|
| New York-Newark-Jersey City, NY-NJ | 148 |
| Albany-Schenectady-Troy, NY | 25 |
| Buffalo-Cheektowaga, NY | 21 |
| Syracuse, NY | 19 |
| Rochester, NY | 16 |
| Kiryas Joel-Poughkeepsie-Newburgh, NY | 9 |
Holders and lenders
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Lument Real Estate Capital, LLC | 72 | 26.0% | $1.8B |
| Century Health & Housing Capital, LLC | 41 | 14.8% | $314.6M |
| Greystone Funding Company LLC | 24 | 8.7% | $609.6M |
| Berkadia Commercial Mortgage LLC | 17 | 6.1% | $213.9M |
| Dwight Capital LLC | 15 | 5.4% | $409.3M |
| Walker & Dunlop LLC | 14 | 5.1% | $200.6M |
| Lender at initial endorsement | Loans |
|---|---|
| Lument Real Estate Capital, LLC | 30 |
| Greystone Funding Company LLC | 11 |
| Century Health & Housing Capital, LLC | 9 |
| Dwight Capital LLC | 8 |
| Bravo Capital LLC | 7 |
| Berkadia Commercial Mortgage LLC | 6 |
Endorsements by fiscal year
| Fiscal year | Loans | Mortgage amount | Units |
|---|---|---|---|
| FY2022 | 27 | $536.4M | 3,169 |
| FY2023 | 18 | $423.5M | 1,921 |
| FY2024 | 7 | $159.8M | 836 |
| FY2025 | 16 | $347.4M | 1,713 |
| FY2026 | 29 | $1.9B | 5,649 |
What stands out
- 68.2% of New York’s 223(f) book’s insured loans are on properties HUD flags as Section 8, versus 44.9% for 223(f) nationally.
- HUD’s file flags 6.9% of New York’s 223(f) book’s loans as tax-credit (LIHTC) properties, versus 16.4% for 223(f) nationally.
- 22.0% of active loans in New York’s 223(f) book were endorsed in 2023 or later (15.4% for 223(f) nationally), so a larger share of the book carries post-2022 coupons.
- Holder concentration is high: Lument Real Estate Capital, LLC is holder of record on 26.0% of the loans in New York’s 223(f) book.
- The balance-weighted note rate in New York’s 223(f) book is 3.93%, 0.30 percentage points above 223(f) nationally (3.63%).
How 223(f) fits a bridge-to-HUD plan in New York
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 New York, 61 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.
Bravo Capital HUD closings in New York
- 1533 East 19th Street, Brooklyn, NY: HUD 223(f), $16.1 million, closed October 2022
- 595 New York Ave, Brooklyn, NY: HUD 223(f), $4.3 million, closed March 2023
- Parkside Manor, Jamaica, NY: HUD 223(f), $29.7 million, closed April 2024
- The Ithacan, Ithaca, NY: HUD 223(f), $57.8 million, closed May 2024
- 1620 New York, Brooklyn, NY: HUD 223(f), $21.0 million, closed January 2026
- The Fifty, Long Island City, NY: HUD 223(f), $22.6 million, closed March 2026
- The Grosvenor, Kew Gardens, NY: HUD 223(f), $19.6 million, closed July 2026
1620 New York is a bridge-to-HUD conversion: the HUD 223(f) loan refinanced the $23 million Bravo Property Trust bridge loan on the same 54-unit property (1622 New York Ave).
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.
More HUD data for New York
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 New York?
HUD’s October 2026 active mortgage file lists 277 223(f) loans in New York with $4.9 billion of principal balance and 31,914 units.
How many 223(f) loans closed in New York recently?
HUD’s production database shows 97 223(f) initial endorsements in New York from FY2022 through FY2026, including 29 in FY2026.
What rate do 223(f) loans in New York carry?
The balance-weighted note rate across active 223(f) loans is 3.93%. 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.