HUD lender profile
Berkadia Commercial Mortgage LLC: HUD multifamily lending record
HUD insured 239 multifamily loans with Berkadia Commercial Mortgage as lender in FY2022-FY2026, for $5.68 billion and 36,189 units. That is 8.9% of all HUD multifamily dollars in those years and #2 among lenders.
- HUD files it as BERKADIA COMMERCIAL MORTGAGE LLC
- MAP On HUD's MAP lender list as of September 16, 2026
- Endorsement data run October 8, 2026
What the numbers say
In FY2026 it closed 68 HUD loans for $2.04 billion, up 181% from FY2025 and ranking #1 among HUD multifamily lenders that year.
223(f) was its largest program at 49% of five-year dollars, followed by NC/SR at 48%.
It lent in 39 states; Texas was the largest at 20% of dollars.
Its median loan was $18.0 million, above the $14.3 million median for all HUD multifamily endorsements in the same years.
On 223(f) loans, the median time from firm commitment to initial endorsement was 79 days (149 loans), against 87 days for all lenders.
50 of its 239 loans (21%) carried low-income housing tax credits, against 32% across all HUD multifamily endorsements.
HUD volume by fiscal year
- 223(f)
- New construction / sub rehab
- Other programs
| FY | Loans | Dollars | 223(f) | NC/SR | Rank | |
|---|---|---|---|---|---|---|
| FY2026 | 68 | $2.04B | 37 | 27 | #1 | |
| FY2025 | 29 | $725M | 16 | 13 | #4 | |
| FY2024 | 26 | $403M | 16 | 8 | #7 | |
| FY2023 | 42 | $1.07B | 31 | 11 | #1 | |
| FY2022 | 74 | $1.45B | 49 | 23 | #5 | |
| FY2021 | 115 | $2.71B | 61 | 20 | #4 | |
| FY2020 | 76 | $1.66B | 43 | 13 | #4 | |
| FY2019 | 38 | $754M | 20 | 18 | #2 | |
| FY2018 | 66 | $1.40B | 42 | 15 | #2 | |
| FY2017 | 71 | $1.55B | 25 | 24 | #1 | |
| Since FY2001 | 1,358 | $21.76B | ||||
Program columns count loans. Rank is by dollars among all HUD multifamily lenders that fiscal year.
Program mix, FY2022-FY2026
| Program | Loans | Dollars | Median loan |
|---|---|---|---|
| 223(f) purchase or refinance | 149 | $2.78B | $14.3M |
| New construction or substantial rehab (221(d)(4), 220, 231, 213) | 82 | $2.73B | $35.5M |
| 241(a) supplemental loan | 6 | $124M | $17.7M |
| 223(a)(7) streamlined refinance | 2 | $43.2M | $21.6M |
Where it lends
| State | Loans | Dollars |
|---|---|---|
| Texas | 35 | $1.13B |
| Virginia | 28 | $694M |
| Michigan | 20 | $245M |
| North Carolina | 12 | $353M |
| California | 12 | $609M |
| Florida | 11 | $302M |
| Pennsylvania | 10 | $205M |
| South Carolina | 9 | $101M |
| New York | 8 | $131M |
| Montana | 8 | $311M |
| Maryland | 6 | $101M |
| Colorado | 6 | $179M |
Firm commitment to closing
Days from the firm commitment date HUD records to initial endorsement, for this lender's FY2022-FY2026 loans. This is the last stretch of a HUD deal, after underwriting is done; it is not the whole timeline from application.
- All its loans with both dates (239)
- 86 days median
- Middle half of its loans
- 67-127 days
- 223(f) (149 loans)
- 79 days
- NC/SR (82 loans)
- 108 days
- All lenders, FHA programs, FY2022-FY2026
- 91 days
Most recent HUD endorsements
| Endorsed | Property | Program | Loan |
|---|---|---|---|
| 2026-09-25 | Bowie Commons · MD | 223(f) | $5.3M |
| 2026-09-22 | The Hawthorn at Rock Creek Apartments · TX | NC/SR | $50.5M |
| 2026-09-22 | Pleasant Valley Apartments · WV | 223(f) | $7.0M |
| 2026-09-15 | The Hub at Montrose Crossing · CO | NC/SR | $39.2M |
| 2026-09-15 | Pebble Brook Apartments · TX | 223(f) | $14.6M |
| 2026-08-27 | Golfview Manor · IN | 223(f) | $14.3M |
| 2026-08-26 | Monterey Pointe · FL | NC/SR | $54.7M |
| 2026-08-21 | The Abraham · CO | 223(f) | $7.7M |
| 2026-08-20 | The Grand on Julian Phase II · NC | 241(a) | $49.7M |
| 2026-08-05 | Oake Park · ME | NC/SR | $6.9M |
| 2026-07-27 | 600 River Townhomes · NY | 241(a) | $2.9M |
| 2026-07-15 | Hamilton at Eagleview · PA | 223(f) | $43.1M |
Largest loans, FY2022-FY2026
| Property | Program | Loan |
|---|---|---|
| Community Garden Towers · CA | 223(f) | $130M |
| Sutter Street Apartments · CA | NC/SR | $125M |
| Icon Apartment Homes at Lovell Road · TN | NC/SR | $76.0M |
| 2131 Graf Phase II · MT | NC/SR | $72.8M |
| Hemphill Apartments · TX | NC/SR | $71.3M |
| Westminster Towers · CA | NC/SR | $70.6M |
| Artisan Grove · MT | NC/SR | $69.6M |
| Providence Gardens · CA | 223(f) | $60.9M |
Its HUD servicing book today
HUD's active insured mortgage file (as of September 30, 2026) lists Berkadia Commercial Mortgage LLC as servicer on 1,078 apartment loans with $13.72 billion of balance and 140,898 units. The median note rate on that book is 3.75%. 625 of the loans carry a rate under 4%. 21 mature within five years. HUD lists the same name as holder of 1,033 loans.
- 223(f)
- 531 loans
- 223(a)(7)
- 317 loans
- 221(d)(4)
- 219 loans
- 241(a)
- 8 loans
- Other
- 3 loans
Largest servicing states: North Carolina (125), Texas (111), Virginia (96), Michigan (74), Alabama (59), Illinois (44).
Compare it with the rest of the market in the HUD lender league table, see what recent loans closed at on HUD rates, or read how the 223(f) and 221(d)(4) programs work.
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