Answer first
In brief
Alaska, Hawaii and U.S. Virgin Islands together have 31 active FHA-insured multifamily and healthcare loans with $459.8 million of principal balance in HUD’s October 2026 file. Each market has fewer than 25 active loans, so this page combines them rather than publishing thin single-market pages.
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
Alaska
Alaska has 7 active insured loans with $47.1 million of balance and 617 units or beds. The balance-weighted note rate is 2.87%, and 0 of the loans were endorsed in 2023 or later.
| Program (section of the National Housing Act) | Loans | Share | Balance |
|---|---|---|---|
| 223(f) purchase or refinance (apartments) | 3 | 42.9% | $10.5M |
| 223(a)(7) refinance of an existing HUD loan (apartments) | 2 | 28.6% | $8.4M |
| Section 232/223(a)(7) healthcare refinance | 1 | 14.3% | $3.6M |
| 221(d)(4) new construction or substantial rehab | 1 | 14.3% | $24.6M |
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Midland States Bank | 1 | 14.3% | $1.9M |
| Walker & Dunlop LLC | 1 | 14.3% | $1.3M |
| Merchants Capital Corp. | 1 | 14.3% | $1.2M |
| Dwight Capital LLC | 1 | 14.3% | $7.1M |
| Davis-Penn Mortgage Co. | 1 | 14.3% | $7.4M |
| Arbor Agency Lending, LLC | 1 | 14.3% | $3.6M |
| City | Loans |
|---|---|
| Anchorage | 3 |
| Fairbanks | 2 |
| Soldotan | 1 |
| Petersburg | 1 |
Hawaii
Hawaii has 21 active insured loans with $401.6 million of balance and 3,202 units or beds. The balance-weighted note rate is 4.70%, and 6 of the loans were endorsed in 2023 or later.
| Program (section of the National Housing Act) | Loans | Share | Balance |
|---|---|---|---|
| 221(d)(4) new construction or substantial rehab | 7 | 33.3% | $225.3M |
| Section 232/223(f) healthcare purchase or refinance | 5 | 23.8% | $99.4M |
| 223(f) purchase or refinance (apartments) | 3 | 14.3% | $8.0M |
| 223(a)(7) refinance of an existing HUD loan (apartments) | 2 | 9.5% | $2.0M |
| 542(b) and 542(c) risk sharing (HFA and QPE) | 2 | 9.5% | $30.3M |
| Section 232/223(a)(7) healthcare refinance | 1 | 4.8% | $3.9M |
| Section 232 new construction or substantial rehab | 1 | 4.8% | $32.6M |
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| PNC Bank, National Association | 5 | 23.8% | $215.8M |
| Berkadia Commercial Mortgage LLC | 3 | 14.3% | $33.4M |
| Walker & Dunlop LLC | 2 | 9.5% | $35.1M |
| Centennial Mortgage Inc. | 2 | 9.5% | $13.5M |
| Lument Real Estate Capital, LLC | 2 | 9.5% | $5.5M |
| Freddie Mac (Federal Home Loan Mortgage Corp.) | 2 | 9.5% | $30.3M |
| City | Loans |
|---|---|
| Honolulu | 11 |
| Lihue | 2 |
| Ewa Beach | 2 |
| Wailuku | 1 |
| Captain Cook | 1 |
| Kailua Kona | 1 |
U.S. Virgin Islands
U.S. Virgin Islands has 3 active insured loans with $11.1 million of balance and 408 units or beds. The balance-weighted note rate is 3.30%, and 0 of the loans were endorsed in 2023 or later.
| Program (section of the National Housing Act) | Loans | Share | Balance |
|---|---|---|---|
| 223(f) purchase or refinance (apartments) | 2 | 66.7% | $11.0M |
| 223(a)(7) refinance of an existing HUD loan (apartments) | 1 | 33.3% | $82,286 |
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Lument Real Estate Capital, LLC | 1 | 33.3% | $8.0M |
| Merchants Capital Corp. | 1 | 33.3% | $3.0M |
| Midland States Bank | 1 | 33.3% | $82,286 |
| City | Loans |
|---|---|
| Christiansted | 1 |
| Kingshill | 1 |
| Frederiksted St Cro | 1 |
The bridge-to-HUD angle in smaller markets
In markets with few HUD loans, the program rules are the same as anywhere else, but local comparables for the HUD appraisal and market study can be thin, and fewer lenders have recent experience with local insurance, labor and construction costs. Start third-party report scoping early and test the HUD exit before committing to bridge terms; the readiness checklist and third-party reports guide cover both. Bravo Capital reviews requests nationally through its loan inquiry.
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
Why are Alaska, Hawaii and U.S. Virgin Islands combined on one page?
Each has fewer than 25 active HUD-insured loans in HUD’s October 2026 file (Alaska 7, Hawaii 21, U.S. Virgin Islands 3). Combining them keeps the figures meaningful.
How many HUD loans are active in Alaska, Hawaii and U.S. Virgin Islands?
31 active FHA-insured loans with $459.8 million of principal balance as of the October 2026 HUD release.
Can properties in these markets use HUD 223(f) or Section 232?
Yes. FHA programs are national, so eligible apartments and residential care facilities in these markets can use the same HUD programs as anywhere else, subject to underwriting and HUD approval.
Created by Bravo Capital, a HUD-approved MAP and LEAN lender, and expert-reviewed by the Bravo Capital HUD Underwriting Team. Last updated . This page is educational and is not a credit decision or commitment to lend.