Bravo Capital has closed two HUD 223(f) apartment loans in California totaling $54.2 million: Cathedral Arms, a 206-unit community in San Diego ($49.4 million, November 2025), and 4575 Monica in Santa Monica ($4.7 million, July 2025). Both firm commitments closed, and Bravo, a HUD-approved MAP lender, makes HUD 223(f), 221(d)(4) and 223(a)(7) loans across the state.
Bravo's closed HUD loans in California
| Property | Location | Firm commitment | Closed | Loan amount |
|---|---|---|---|---|
| 4575 Monica | Santa Monica, CA | 2/19/2025 | 7/28/2025 | $4,741,900 |
| Cathedral Arms | San Diego, CA | 9/11/2025 | 11/25/2025 | $49,434,500 |
HUD 223(f) terms for California 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 California
- Owners refinancing bank, bridge or CMBS debt on stabilized apartments
- Long-term holders who want a fixed rate for up to 35 years with no balloon
- Affordable, LIHTC, Section 8 and market-rate properties alike
Timeline
Every Bravo deal is on the HUD Closing Scorecard.
Check if my property qualifies Talk to an underwriter
Questions borrowers ask
Does Bravo Capital make HUD loans in California?
Yes. Bravo Capital has closed HUD 223(f) loans in San Diego and Santa Monica, including a $49.4 million refinance of Cathedral Arms, a 206-unit apartment community in San Diego, in November 2025.
How long did Bravo's San Diego HUD loan take to close?
Cathedral Arms received its HUD firm commitment on September 11, 2025 and closed on November 25, 2025.
How much can I borrow on a California 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. Cash-out refinances are capped at 80% of value.
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.
