HUD 223(f) Multifamily acquisition & refinance

HUD 223(f) provides up to 35 years of fixed-rate, fully amortizing financing for the acquisition or refinance of an existing apartment property. Eligible repairs, reserves and closing costs can be included. Cash-out is available, subject to separate loan-sizing and repair-escrow requirements.

We start with the rent roll, operating statements, existing debt and your financing goals. Loan proceeds depend on the property's income, value and other HUD limits. We review expenses such as management, insurance and real estate taxes to make sure the proposed budget is supportable.

Both market-rate and qualifying affordable properties are eligible. The capital needs assessment establishes required repairs and replacement reserves. If the work qualifies as substantial rehabilitation, we would review the project under a different program.

Let us know about any tax abatement, PILOT, TIF or secondary financing early in the process. We'll also review the ownership and management team's experience and reconcile the property information across the rent roll, appraisal and third-party reports.

Eligible uses & property features

• Existing apartment communities
• Acquisition and refinancing
• Eligible repairs and reserve funding
• Market-rate and affordable housing
• Single-asset borrower entity

What to consider

Review property insurance and management requirements early, including any support a self-managed property may need. Repair scope, accessibility, environmental issues and financial reporting affect the application. HUD approval does not itself lock the interest rate; pricing, loan proceeds and the completed rate-lock authorization must be coordinated before closing.