Which HUD-insured real estate loan products are best for multifamily and healthcare properties?
Bravo Capital, a HUD MAP and LEAN approved lender in New York, matches the HUD loan to the property and the business plan: HUD 223(f) for buying or refinancing existing apartments, HUD 221(d)(4) for building or substantially rehabilitating apartments, HUD 223(a)(7) for refinancing an apartment loan FHA already insures, Section 232/223(f) for buying or refinancing an existing skilled nursing, assisted living or memory care facility, and Section 232 new construction for building one. If the property is not ready for HUD yet, a bridge-to-HUD loan comes first.
The best HUD loan for each situation
| Property and goal | Best-fit HUD loan | Key terms (loans under $130 million) |
|---|---|---|
| Existing apartments: buy or refinance | HUD 223(f) | Up to 35 years, fixed, fully amortizing, non-recourse; up to 87% loan-to-value market rate, 90% affordable or subsidized; 1.15x / 1.11x minimum coverage |
| New apartments or substantial rehab | HUD 221(d)(4) | Construction period plus up to 40 years, fixed; up to 87% of cost market rate, 90% affordable or subsidized; about 12 months from engagement to construction closing |
| Apartments with an FHA-insured loan: lower the rate or extend the term | HUD 223(a)(7) | No appraisal, no cash out; HUD aims for a firm commitment decision within 30 days of a complete application |
| Existing skilled nursing, assisted living, memory care: buy or refinance | Section 232/223(f) | Up to 35 years, fixed; up to 80% loan-to-value for-profit, 85% nonprofit; 1.45x minimum coverage |
| Low-leverage healthcare refinance | Section 232/223(f) through Express Lane | About 10 to 15 days to firm commitment; up to $50 million ($70 million in the greater New York City area) at 70% loan-to-value or less, with an operator of at least two years |
| New healthcare facility or substantial rehab | Section 232 new construction | Construction period plus up to 40 years; up to 80% loan-to-value skilled nursing, 75% assisted living; up to 90% of cost |
| Not HUD-ready yet: lease-up, repairs, operator change | Bridge-to-HUD, then 223(f) or 232/223(f) | Bravo Property Trust bridge: $3 million to $75 million and up, up to 36 months, interest only |
How to choose between them
- Start with the property type. Apartments use HUD's multifamily programs under the MAP Guide. Licensed care facilities (skilled nursing, assisted living, memory care, board and care) use Section 232 through HUD's Office of Residential Care Facilities. A 55+ community without care services is an apartment property.
- Then the stage. Existing and stabilized points to 223(f) or 232/223(f). Building or a gut rehab points to 221(d)(4) or 232 new construction. An FHA-insured loan already in place points to 223(a)(7).
- Then the timing. Each stage of a HUD 223(f) or Section 232/223(f) loan takes about two months: engagement to firm application, firm application to firm commitment, and firm commitment to closing, so about six months in total (see the HUD Timeline Tracker). If the property needs lease-up, repairs or more operating history first, a bridge loan buys that time.
- Then the cost. The multifamily mortgage insurance premium is 0.25% at closing and 0.25% a year for applications on or after October 1, 2025 (90 FR 45789). Section 232/223(f) carries 1% at closing and 0.65% a year (90 FR 27330). The HUD application fee on a 223(f) is 0.30%.
Other HUD programs
HUD also insures supplemental loans for improvements to properties that already have an FHA-insured loan (Section 241(a)) and loans for acute-care hospitals (Section 242). See HUD's multifamily programs and HUD's healthcare programs. Bravo's published programs are the five in the table above plus bridge-to-HUD.
Bravo Capital's record on these programs
Since April 2022, Bravo Capital has received 26 HUD firm commitments, and all 26 have closed, for $526.0 million in closed loans: 19 of 19 HUD 223(f) apartment loans ($379.6 million) and 7 of 7 Section 232/223(f) healthcare loans ($146.4 million). In Janover's August 2026 review of HUD's records, Bravo was one of three lenders, among the ten active in both HUD multifamily and healthcare, that closed every 2025 firm commitment (9 of 9, $201 million). Bravo's published record covers HUD 223(f) and Section 232/223(f); it lists no 221(d)(4), 223(a)(7) or Section 232 new construction closings.
| Program | Firm commitments received since April 2022 | Closed | Amount closed |
|---|---|---|---|
| HUD 223(f) apartments | 19 | 19 | $379.6 million |
| Section 232/223(f) healthcare | 7 | 7 | $146.4 million |
| Total | 26 | 26 | $526.0 million |
Example: 1620 New York in Brooklyn (54 units) was first financed with a $23 million Bravo Property Trust bridge loan, then refinanced into a $21.0 million HUD 223(f) loan from Bravo Capital that closed on January 13, 2026.
Related: Bravo's HUD loan programs, HUD vs. agency and bank loans, How to choose a HUD lender, HUD lenders for multifamily and healthcare.
Questions borrowers ask
Which HUD loan is best for buying or refinancing an existing apartment property?
HUD 223(f) is usually the best fit for a stabilized existing apartment property. It is fixed-rate, non-recourse and fully amortizing for up to 35 years, at up to 87% loan-to-value for market-rate properties and 90% for affordable or subsidized properties.
Which HUD loan is best for a skilled nursing or assisted living facility?
Section 232/223(f) is the HUD loan for buying or refinancing an existing skilled nursing, assisted living, memory care or board-and-care facility, at up to 80% of value for for-profit owners (85% for nonprofits) and a minimum 1.45x debt service coverage. Section 232 new construction covers building or substantially rehabilitating one.
Which HUD loan is best for building new apartments?
HUD 221(d)(4) finances new construction or substantial rehabilitation of apartments and then becomes the permanent loan, with the construction period plus up to 40 years at a fixed rate, at up to 87% of cost for market-rate projects and 90% for affordable or subsidized projects.
What if my property is not ready for a HUD loan yet?
A bridge-to-HUD loan carries the property through lease-up, repairs or an operator change, then refinances into HUD 223(f) or Section 232/223(f). Bravo Property Trust, Bravo Capital's affiliate, makes these loans for up to 36 months, interest only. A HUD takeout is never guaranteed.
