Bravo Capital is a HUD-approved MAP lender headquartered at 780 Third Avenue in Manhattan, and since 2022 it has closed six HUD 223(f) loans on New York City apartment buildings totaling $113.2 million, in Brooklyn and Queens. Every HUD firm commitment Bravo has received has closed, including seven in New York State totaling $171.0 million.
Bravo's closed HUD loans in New York City
| Property | Neighborhood | Firm commitment | Closed | Loan amount |
|---|---|---|---|---|
| 1533 East 19th Street | Brooklyn | 8/8/2022 | 10/27/2022 | $16,090,400 |
| 595 New York Ave | Brooklyn | 8/31/2022 | 3/28/2023 | $4,332,500 |
| Parkside Manor | Jamaica | 2/9/2024 | 4/8/2024 | $29,677,100 |
| 1620 New York | Brooklyn | 6/16/2025 | 1/13/2026 | $20,967,000 |
| The Fifty | Long Island City | 12/19/2025 | 3/12/2026 | $22,560,000 |
| The Grosvenor | Kew Gardens | 1/30/2026 | 7/23/2026 | $19,600,000 |
Elsewhere in New York State, Bravo closed a $57.8 million HUD 223(f) loan on The Ithacan in Ithaca in May 2024.
HUD 223(f) terms for New York City apartments
| Term (loans under $130 million) | Market rate | Affordable or subsidized |
|---|---|---|
| Max loan-to-value | 87% | 90% |
| Max loan-to-value with cash-out | 80% | 80% |
| Min debt service coverage | 1.15x | 1.11x |
| Term and amortization | Up to 35 years, fixed, fully amortizing | Same |
| Recourse | Non-recourse, standard carve-outs | Same |
| Mortgage insurance premium | 0.25% at closing, then 0.25% a year | 0.25% |
Who it fits in New York City
- Owners refinancing bank, bridge or CMBS debt on a stabilized building in the five boroughs
- Long-term holders who want a fixed rate for up to 35 years with no balloon
- Affordable, LIHTC, Section 8 and market-rate buildings, including those with ground-floor retail within HUD's limits
- Sellers who want an assumable loan in place for the next buyer
Timeline on New York City deals
Older buildings tend to need more work on the Capital Needs Assessment and repair items, so plan for those early. Every deal is on the HUD Closing Scorecard.
Bridge first, then HUD
When a building is not stabilized yet, Bravo's affiliate, Bravo Property Trust, can lend now and Bravo Capital can refinance the loan into HUD later. Bravo Property Trust has financed New York City multifamily including Pearl Street in Brooklyn ($125 million) and Amsterdam Avenue in Upper Manhattan ($36.75 million). One Brooklyn deal shows the full path: Bravo Property Trust made a $23 million bridge loan on the 54-unit building at 1620-1622 New York Avenue, and Bravo Capital then refinanced it with a $21.0 million HUD 223(f) loan that closed in January 2026. More on the bridge-to-HUD guide.
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Questions borrowers ask
Who does HUD loans in New York City?
Bravo Capital, a HUD-approved MAP lender headquartered at 780 Third Avenue in Manhattan, has closed six HUD 223(f) loans on New York City apartment buildings since 2022, in Brooklyn, Jamaica, Long Island City and Kew Gardens, totaling $113.2 million.
How much can I borrow on a New York City apartment building with a HUD loan?
For loans under $130 million, a HUD 223(f) loan can reach 87% of value for market-rate properties and 90% for affordable or subsidized properties, with a fixed rate for up to 35 years and non-recourse terms. Cash-out refinances are capped at 80% of value.
Is a HUD loan assumable when I sell a New York building?
Yes. A HUD 223(f) loan is assumable by a buyer with HUD approval, which can help a sale when market rates are higher than the loan's fixed rate.
About the author
Aaron Krawitz is the founder and CEO of Bravo Capital, a HUD-approved MAP and LEAN lender in New York City. He founded Bravo in 2021 after serving as president of Dwight Capital. Bravo and its affiliate, Bravo Property Trust, have closed more than $2.5 billion in financing, and Bravo closed every HUD firm commitment it received in 2025.
