HUD lender profile
Gershman Investment Corp.: HUD multifamily lending record
HUD insured 94 multifamily loans with Gershman Investment as lender in FY2022-FY2026, for $2.13 billion and 14,988 units. That is 3.3% of all HUD multifamily dollars in those years and #9 among lenders.
- HUD files it as GERSHMAN INVESTMENT CORP
- 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 32 HUD loans for $693 million, up 106% from FY2025 and ranking #8 among HUD multifamily lenders that year.
223(f) was its largest program at 53% of five-year dollars, followed by NC/SR at 43%.
It lent in 25 states; Missouri was the largest at 20% of dollars.
Its median loan was $16.8 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 91 days (61 loans), against 87 days for all lenders.
13 of its 94 loans (14%) 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 | 32 | $693M | 23 | 8 | #8 | |
| FY2025 | 12 | $336M | 5 | 6 | #9 | |
| FY2024 | 3 | $84.3M | 0 | 3 | #24 | |
| FY2023 | 14 | $349M | 12 | 2 | #7 | |
| FY2022 | 33 | $669M | 21 | 10 | #9 | |
| FY2021 | 53 | $943M | 37 | 11 | #7 | |
| FY2020 | 40 | $762M | 16 | 18 | #7 | |
| FY2019 | 21 | $392M | 14 | 7 | #9 | |
| FY2018 | 19 | $248M | 12 | 6 | #17 | |
| FY2017 | 29 | $265M | 22 | 6 | #16 | |
| Since FY2001 | 499 | $6.79B | ||||
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 | 61 | $1.12B | $13.4M |
| New construction or substantial rehab (221(d)(4), 220, 231, 213) | 29 | $927M | $31.5M |
| 241(a) supplemental loan | 2 | $56.7M | $28.4M |
| 223(a)(7) streamlined refinance | 2 | $23.3M | $11.6M |
Where it lends
| State | Loans | Dollars |
|---|---|---|
| Missouri | 18 | $419M |
| Texas | 13 | $499M |
| Iowa | 12 | $166M |
| Kansas | 7 | $74.7M |
| North Carolina | 5 | $151M |
| Colorado | 4 | $41.8M |
| Nebraska | 4 | $94.4M |
| Mississippi | 3 | $57.9M |
| Michigan | 3 | $92.7M |
| District of Columbia | 3 | $30.4M |
| New Jersey | 3 | $107M |
| South Dakota | 2 | $39.3M |
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 (94)
- 97 days median
- Middle half of its loans
- 76-148 days
- 223(f) (61 loans)
- 91 days
- NC/SR (29 loans)
- 148 days
- All lenders, FHA programs, FY2022-FY2026
- 91 days
Most recent HUD endorsements
| Endorsed | Property | Program | Loan |
|---|---|---|---|
| 2026-09-30 | The Park at Devonshire · MS | 223(f) | $20.3M |
| 2026-09-22 | Luther Place · KS | 223(f) | $10.0M |
| 2026-08-31 | Trestle Lofts · ND | 223(f) | $8.7M |
| 2026-08-25 | Caribou I & II · CO | 223(f) | $17.2M |
| 2026-08-25 | Yellowbanks Properties III · IA | 223(f) | $11.2M |
| 2026-08-25 | Sunset Pointe By Kading · IA | 223(f) | $9.6M |
| 2026-07-29 | The Heights at Linden Square · MO | 223(f) | $32.1M |
| 2026-07-14 | Harbor Residences · TX | NC/SR | $38.5M |
| 2026-06-30 | Greenbrier Woods · NC | 223(f) | $10.1M |
| 2026-06-18 | Foss Fields · SD | NC/SR | $34.3M |
| 2026-06-17 | Buffalo Ridge Townhomes · IA | 223(f) | $14.1M |
| 2026-06-03 | Metro Lofts Addition · MO | 241(a) | $1.7M |
Largest loans, FY2022-FY2026
| Property | Program | Loan |
|---|---|---|
| Mansion House · MO | NC/SR | $78.3M |
| Bemiston Place · MO | NC/SR | $69.2M |
| The Alcove at Benders Landing · TX | NC/SR | $66.4M |
| Palladium Craig Ranch · TX | NC/SR | $56.4M |
| The Brick and Mortar District at Plum Creek Phase · TX | 241(a) | $55.0M |
| Loyola Landing · TX | NC/SR | $53.3M |
| Centerpoint Depot · TX | NC/SR | $53.0M |
| Columbian Towers · NJ | 223(f) | $49.0M |
Its HUD servicing book today
HUD's active insured mortgage file (as of September 30, 2026) lists Gershman Investment Corp as servicer on 301 apartment loans with $4.63 billion of balance and 42,915 units. The median note rate on that book is 3.20%. 223 of the loans carry a rate under 4%. 1 mature within five years. HUD lists the same name as holder of 301 loans.
- 223(f)
- 167 loans
- 221(d)(4)
- 90 loans
- 223(a)(7)
- 39 loans
- Other
- 3 loans
- 241(a)
- 2 loans
Largest servicing states: Missouri (70), Iowa (30), Kansas (30), Texas (23), Nebraska (20), Illinois (11).
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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