Senior Living Financing.
HUD, Bridge, Life Co, and USDA.
Assisted living, memory care, and independent living facilities. 30 markets covered. HUD 232, USDA, bridge, life company, and CMBS execution. Operator credit matters. Lender type matters. We match each deal to the right capital source.
Three Senior Living Programs. One Broker.
Senior living underwriting is driven by operator credit, license type, occupancy history, and payor mix. Assisted living and memory care draw bridge lenders during lease-up and HUD or life company for stabilization. Independent living communities often look more like conventional multifamily to lenders. We place each program type with the right capital source.
Assisted Living Facility Financing
State-licensed assisted living communities with 24-hour care staff. Lender focus on operator track record, license stability, and occupancy above 85 percent. HUD 232 is the gold-standard for permanent; bridge lenders provide lease-up capital.
Memory Care Facility Financing
Secured memory care units for residents with Alzheimer's and dementia. Higher acuity drives premium rates but shorter lease-up windows. Lenders evaluate operator experience in memory care specifically, not just senior housing broadly.
Independent Living Community Financing
Age-restricted rental communities for active seniors without daily care needs. Often underwritten closer to conventional multifamily by lenders. Broader lender appetite including agency, life company, and regional bank programs.
Coverage Across 30 US Markets
City-specific market intelligence, active lender commentary, and program-level financing guides for every major US metropolitan market. Select a city to see lender appetite, underwriting notes, and deal structure for your specific program type.
Deep Dives by Program Type
Long-form financing guides for each program type, written by a commercial mortgage broker who closes these deals, not a content team learning the asset class.
Assisted Living Facility Financing Guide
Rates, lender types, underwriting criteria, and deal structure for assisted living facility financing financing. Written by a commercial mortgage broker who closes these deals.
Read guide →Memory Care Facility Financing Guide
Rates, lender types, underwriting criteria, and deal structure for memory care facility financing financing. Written by a commercial mortgage broker who closes these deals.
Read guide →Independent Living Community Financing Guide
Rates, lender types, underwriting criteria, and deal structure for independent living community financing financing. Written by a commercial mortgage broker who closes these deals.
Read guide →Frequently Asked Questions
Answers from a broker who closes senior living deals, not a chatbot or a FAQ template.
What is HUD 232 and when is it the right senior living loan?
HUD 232 is a FHA-insured mortgage for healthcare facilities including assisted living, memory care, board and care homes, and skilled nursing. It provides non-recourse financing with 35 to 40 year amortization at below-market fixed rates. The tradeoff is an 18 to 24 month origination timeline including HUD review. It is most appropriate for stabilized, owner-operated or established operator-leased assets where the borrower can tolerate the process timeline and close cost.
Which lenders finance senior living lease-up?
Bridge lenders and specialty debt funds fill the lease-up gap that HUD and life companies do not cover. A newly constructed or recently acquired assisted living or memory care facility typically needs 18 to 36 months to ramp to stabilized occupancy. Bridge lenders underwrite to projected stabilized NOI with a burn-down schedule, charge interest reserves, and expect to be taken out by permanent debt at or near stabilization. Some USDA Community Facilities loans also serve rural senior housing in lease-up.
How does operator credit affect senior living financing?
Operator credit is the central underwriting variable for licensed care facilities. A well-capitalized, experienced operator with a proven census ramp track record unlocks better leverage and lower rates than a first-time operator or one with occupancy volatility in their existing portfolio. Life companies often require the operator to have a minimum of 3 to 5 facilities under management with documented census history. Bridge lenders are more flexible but price the operator risk into the spread.
What is the difference between IL, AL, and MC financing?
Independent living communities are underwritten most like conventional multifamily: lender focus on market occupancy, unit mix, and NOI per unit. Assisted living adds operator license, 24-hour care staffing, and payor mix analysis. Memory care adds specialized unit design, secured egress requirements, and operator-specific memory care census history. Each step up the care continuum narrows the lender universe and typically requires a specialist broker to identify the right capital source.
What markets have strong senior living lender appetite?
Senior living lender appetite is strongest in markets with aging demographics, high household income in the surrounding population, and favorable state regulatory environments for new assisted living licenses. Sun Belt markets including Phoenix, Tampa, Dallas, Atlanta, and Orlando draw significant senior living development and lender competition. Dense coastal markets including Los Angeles, New York, and Boston see strong demand but tighter new license availability and higher development cost.
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