Bravo Capital closed a $44.2 million HUD 223(f) refinance of The Residences at Rodney Square, an apartment building at 902 North Market Street in downtown Wilmington, in September 2024. Bravo is a HUD-approved MAP lender that makes HUD 223(f), 221(d)(4) and 223(a)(7) loans on Delaware apartment properties.
Bravo's HUD loan in Delaware
| The Residences at Rodney Square | |
|---|---|
| Location | 902 North Market Street, Wilmington, DE |
| Program | HUD 223(f) refinance |
| Loan amount | $44,241,000 |
| Commercial space | 18,858 sq ft on the ground floor, plus 100 parking spaces |
| Borrower | The Buccini/Pollin Group |
| Arranged by | Meridian Capital Group |
| Firm commitment | 3/18/2024 |
| Closed | 9/12/2024 |
Why HUD 223(f) fit
- An established, stabilized building: 223(f) is built for existing apartments, not construction
- Ground-floor commercial space is allowed within HUD's limits of 25% of net rentable area and 20% of effective gross income
- Up to 35 years at a fixed rate, fully amortizing, so there is no balloon to refinance
- Non-recourse with standard carve-outs, and assumable by a future buyer with HUD approval
HUD 223(f) terms for Delaware 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% |
Timeline
A typical 223(f) closes in about six months from engagement, and 45 to 60 days from firm commitment to closing. Every Bravo deal is on the HUD Closing Scorecard.
Check if my property qualifies Talk to an underwriter
Questions borrowers ask
Who makes HUD loans in Delaware?
Bravo Capital, a HUD-approved MAP lender, closed a $44.2 million HUD 223(f) refinance of The Residences at Rodney Square in downtown Wilmington in September 2024, and makes HUD 223(f), 221(d)(4) and 223(a)(7) loans on Delaware apartments.
Can a HUD 223(f) loan refinance an apartment building with ground-floor retail?
Yes, within HUD's limits: commercial space can be no more than 25% of net rentable area and 20% of effective gross income. The Residences at Rodney Square, which has 18,858 square feet of ground-floor commercial space, refinanced with a HUD 223(f) loan from Bravo.
How much can I borrow on a Delaware apartment property with HUD?
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, fixed for up to 35 years and non-recourse.
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.
