Wasatch Capital Group is an independent multifamily debt advisory firm based in Salt Lake City since 1993. We arrange HUD 223(f) and 221(d)(4) financing through MAP-approved lender partners for apartment owners and developers across Salt Lake County, with Fannie Mae, Freddie Mac, and bridge options sized alongside so you can see every path before choosing one.
Salt Lake County added a large wave of new apartment supply over the last several years. Many of those properties were built with construction or bridge debt that is now maturing. A HUD 223(f) loan can replace that short-term debt as soon as the property is stabilized and its income supports the loan, with no waiting period after construction. The result is a 35-year fixed rate and no future refinance.
For new development, HUD 221(d)(4) closes construction and permanent financing together, which removes the lease-up refinance risk that made the last cycle difficult for many local sponsors. The tradeoff is time and process, so it fits best on projects of meaningful scale with an experienced team.
Owners who already carry HUD debt can use a 223(a)(7) refinance when market rates fall below their existing note rate. It is the fastest HUD execution and requires far less new underwriting.
We finance market-rate, workforce, affordable, and mixed-income multifamily throughout the county, including:
Beyond Salt Lake County, we work across the Wasatch Front in Davis, Weber, Utah, and Summit counties, and throughout Idaho, Nevada, Arizona, Colorado, Montana, and Wyoming.
HUD programs are national, but several Utah specifics shape how a deal sizes and how long it takes. These are the items we raise at the first conversation.
| Davis-Bacon Wages | Required on 221(d)(4) construction and substantial rehab. Contractor pricing should reflect the current county wage determination from the start, not after the budget is set. |
| Property Taxes | Utah's residential exemption generally applies to long-term apartment units, which lowers taxable value. Underwriting should use the actual assessed basis, not a gross estimate. |
| Refinance Out of Construction | HUD eliminated the old three-year waiting period for 223(f). A newly built property can refinance out of its construction loan once stabilized operations support the target NOI and HUD's required debt service coverage. |
| Mortgage Insurance | HUD now charges a 0.25% annual MIP on all multifamily programs, down from as high as 0.65% for market-rate deals. Green certification is no longer needed to get the lowest premium. |
| Opportunity Zones | Salt Lake County includes designated Opportunity Zone tracts. HUD's long fixed-rate term pairs well with the long hold that OZ equity requires. |
| Mixed-Use Near Transit | Projects near TRAX and FrontRunner often include ground-floor retail. HUD limits the commercial share of a property, so the mix should be checked early. |
| Stabilized property, including new construction, long-term hold | HUD 223(f)35-year fixed, fully amortizing, non-recourse. Six to nine months typical. |
| Ground-up development or substantial rehab | HUD 221(d)(4)Construction and permanent debt in one closing, 40-year fixed after completion. Ten to fourteen months to initial closing. |
| Existing HUD loan with a rate above today's market | HUD 223(a)(7)Streamlined refinance of existing HUD debt with limited new underwriting. |
| Recently delivered and still in lease-up | Plan the 223(f) take-out nowSize the HUD refinance early so it can close as soon as stabilized income supports the loan. |
| Need to close in 60 days or holding five to ten years | Fannie Mae / Freddie MacFaster execution and shorter terms when HUD's timeline does not fit the plan. |
Full program terms and the step-by-step HUD process are on our HUD Financing page.
Wasatch Capital Group is a Salt Lake City firm that has arranged multifamily financing since 1993. We place HUD 223(f), 221(d)(4), and 223(a)(7) loans through MAP-approved lender partners, along with Fannie Mae, Freddie Mac, and bridge debt, for owners and developers across Salt Lake County and the Mountain West.
No. We are an independent debt advisory firm. HUD-insured loans are funded by MAP-approved lenders, and we work alongside them to size the deal, prepare the package, coordinate third-party reports, and manage the process through closing. You deal with our principals the whole way.
A 223(f) refinance or acquisition typically takes six to nine months from engagement to closing. A 221(d)(4) construction loan typically takes ten to fourteen months to initial closing. Clean third-party reports and a complete package are the biggest drivers of speed.
Generally the property needs five or more units, stabilized occupancy, income that supports HUD's required debt service coverage, and repairs within HUD's per-unit limit. There is no longer a minimum age, so a newly built property can refinance out of its construction loan once it stabilizes.
Yes. Davis-Bacon prevailing wage requirements apply to 221(d)(4) new construction and substantial rehab, so the general contractor's pricing needs to reflect the current wage determination for the county. They do not apply to a 223(f) refinance or acquisition.
No. Wasatch Capital Group is an independent multifamily debt advisory firm and is not affiliated with Wasatch Group, Wasatch Property Management, Wasatch Commercial Management, or Wasatch Acquisitions & Capital.
HUD usually wins for long-term holders who value a fully amortizing fixed rate, non-recourse structure, and assumability on exit. Agency debt usually wins when speed matters, the hold is five to ten years, or the property is not yet stabilized. We size both side by side before you commit to either.
We run preliminary sizing at no cost and with no commitment. Send us the basics and we will come back with HUD, agency, and bridge options side by side, plus an honest read on whether HUD is worth the process for your deal.
A short note with the basics is all we need to start.
Prefer email? cwagner@wasatchcg.com