GERSHMAN INVESTMENT

Agency

AgencyType

525Deals

$7.3BTotal Volume

Active 2026

FHA Lending Activity

525

Total Deals

$7.3B

Total Volume

FY2026 Deals

$87.1M

FY2026 Volume

Source: HUD FHA Multifamily Production Reports

FHA Deal Activity

476

FHA Endorsements

$13.3M

Avg Deal Size

147

Avg Units

States

Individual FHA-insured initial endorsements, FY2001–FY2026

Top 10 Markets: MO (182) · KS (36) · IA (28) · NE (28) · TX (22) · IN (15) · MN (14) · IL (14) · AZ (14) · MI (12)

Programs: 223(f) Purchase/Refi (232) · New Const/Rehab (123) · 223(a)(7) Refi (117) · 241(a) Improvements (4)

13% LIHTC · 5% Tax-Exempt Bonds

Source: HUD FHA Multifamily Production Reports

View all 476 FHA deals →

Recent FHA Deals

Dec '25Kapolei, HINew Const/Rehab

$6.6M

Dec '25Oakville, MO223(f) Purchase/Refi

$47.6M

Nov '25FAYETTEVILLE, NC223(f) Purchase/Refi

$36.4M

Nov '25TROY, MI223(f) Purchase/Refi

$39.9M

Oct '25AUGUSTA, GA223(f) Purchase/Refi

$18.5M

Active loans held →Maturity wall →Rate tracker →

FHA Portfolio

338

Active Loans

$4.7B

Outstanding

5.74%

Recent Avg Rate

36 yr

Avg Term

Rates and balances on FHA-insured loans currently held in portfolio, as of February 2026

Recent FHA Rate Comps

DateLocationAmountUnitsProgramTermRate

Jan '26Watervliet, NY$11.4M63223(f)35 yr5.3%

Jan '26Dardenne Prairie, MO$17.3M60223(f)35 yr5.23%

Dec '25Kapolei, HI$6.6M50221(d)(4)40 yr6.05%

Dec '25Oakville, MO$47.6M427223(f)35 yr4.98%

Nov '25Fayetteville, NC$36.4M200223(f)35 yr5.11%

Oct '25Augusta, GA$18.5M136223(f)35 yr5.84%

Oct '25Tiffin, IA$9.4M72223(f)35 yr5.6%

Oct '25Tiffin, IA$20.6M144223(f)35 yr5.45%

Oct '25St Louis, MO$24.8M128223(f)35 yr5.38%

Oct '25Kileen, TX$30.6M182221(d)(4)40 yr5.85%

Avg rate across last 20 endorsed loans5.74%

Full Portfolio: 3.38% avg rate · range 2.12%–6.7%

2 loans ($562K) maturing by 2031

MaturityLocationOutstandingUnitsRate

Aug 2029De Soto, MO$363K886%

Jul 2030Westphalia, MO$199K644.03%

Top States: MO (85) · KS (30) · NE (28) · IA (27) · TX (22)

Source: HUD Insured Multifamily Mortgages

Deal History

Annual volume by program source.

2021

$941.8M59 deals

2022

$758.5M34 deals

2023

$291.7M11 deals

2024

$367.1M12 deals

2025

$745.8M27 deals

Sources: HUD

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