Bravo Capital closed a $49,434,500 HUD 223(f) refinance for a 206-unit apartment community in San Diego, California.
The financing
Bravo Capital closed a $49,434,500 HUD 223(f) refinance for a 206-unit multifamily property in San Diego, California. The loan refinanced the property's existing debt and gives the sponsor long-term, fixed-rate, non-recourse financing that improves cash-flow stability in one of the country's strongest multifamily markets.
A HUD 223(f) loan is FHA-insured permanent financing for the purchase or refinance of an existing, stabilized apartment property, with terms of up to 35 years at a fixed rate, fully amortizing and non-recourse.
At a glance
- Location
- San Diego, California
- Property
- 206-unit multifamily community
- Loan amount
- $49,434,500
- Program
- HUD 223(f) refinance
- Purpose
- Refinance of existing debt
- Announced
- December 4, 2025
- Loan features
- Long-term, fixed rate, non-recourse
Why HUD 223(f) fit
An established property
223(f) is built for existing, stabilized apartment communities that want to refinance or buy.
Long-term debt
Up to 35 years at a fixed rate, fully amortizing, so there is no balloon payment to refinance again.
Non-recourse
Non-recourse with standard carve-outs, and fully assumable if the property is ever sold.
"This closing reflects the strength of our HUD platform and our commitment to advocating for borrowers throughout the financing process. San Diego continues to demonstrate exceptional multifamily fundamentals, and we are proud to support sponsors who are investing for long-term durability and growth."Aaron Krawitz · Founder & CEO, Bravo Capital (Dec 4, 2025)
About this loan
- Does Bravo Capital make HUD loans in California?
- Yes. Bravo Capital is a HUD MAP approved lender and has closed HUD loans in California, including this San Diego refinance and a HUD loan in Santa Monica.
- What is a HUD 223(f) refinance?
- FHA-insured permanent financing for an existing, stabilized apartment property, with terms of up to 35 years at a fixed rate, fully amortizing and non-recourse.
- Who provided the financing?
- Bravo Capital, the New York-based HUD MAP and LEAN approved lender, which ranked #1 among HUD lenders for closing reliability in 2025, with a 100% HUD closing rate.
Refinancing an apartment property?
Talk to our HUD team about a 223(f) loan.
