Seniors housing splits in two before anyone talks proceeds. Independent living that is really apartments is underwritten as multifamily: Fannie Mae, Freddie Mac, HUD 223(f), or a life company, if the program accepts it. Assisted living, memory care, and skilled nursing are operating businesses. The HUD path for those is 232, originated with a HUD-approved lender. Capital Market Funds does not claim MAP or LEAN approval. Bank debt and bridge are the alternatives when 232 is the wrong process for the timeline or the asset.
Sun City is not this page. Sun City and Sun City West are a geography. A medical office in those communities is medical office. A care facility is this page. Mixing them produces the wrong term sheet.
No seniors-housing tombstone is published. The Tucson $28,000,000 card is value-add multifamily, life company, and the asset line does not say seniors. Harvard Court in Phoenix is multifamily, not a care facility. We will not relabel either one.
Sources for Arizona seniors housing
- HUD 232
Residential care with a HUD-approved lender. Not a claim of MAP or LEAN approval.
- Bank and credit union
When the sponsor will not wait on the HUD clock.
- Bridge
A care facility in transition, with a takeout named.
- Fannie Mae
Only if the asset is apartments, not a care facility. Not a DUS lender.
- Medical office
A dental or medical building. Not seniors housing.