The challenges of the COVID-19 pandemic are extensive, but the impact on older people has been devastating. Our owners and operators continue to be resilient in the ways they care for aging residents, administer vaccines, and adapt to the ongoing effects of the pandemic.

The past year has underscored something we’ve always known: Seniors is more than a housing product. It’s a health product meeting an important need for a large segment of the population.

We remain committed to Seniors business and are actively seeking new opportunities with our Seniors partners. Learn more about how you can optimize your deal through creative financing options or read our Frequently Asked Questions by clicking the button below.  

Visit the Seniors Housing Page

To give you an idea of the types of deals we’re looking for and help you get them done, we want to share general guidance on Seniors transactions and a recent deal that met our criteria.

First, we are mostly doing Tier 3 and 4 business but are willing to entertain select business at Tier 2 levels. Additionally, while reserves remain 18 months of P + I for Tier 2, 12 months of P + I for Tier 3, and no reserves for Tier 4, we will consider select business at lower levels or on an interest-only basis given certain qualifications.

We place value on:

  • Repeat, well-capitalized owners/operators;
  • Well-occupied (85%+) properties with a strong operating history through COVID;
  • Deals with high vaccine adoption rates (above 50% for staff and 80% for residents); and
  • Deals with no to nominal cases of COVID.

Continuing to provide the following in your narrative will also help support your deal and give us ease in processing.

Information to include in new submissions:

  • Continued performance of Seniors Housing Stress tests outlined in Supplement 20-09;
  • Vaccine adoption rates for residents and staff, including percentages of total;
  • COVID-19 case numbers for residents and staff, including percentages of total;
  • COVID-19 operating procedures; and
  • COVID-19 expense discussion:
    • Provide underwritten T3, T6, T12, and 2021 budget (to the extent available).

A recent milestone closing offers an example of strong, compelling business in today’s complex market. We partnered with PGIM Real Estate on a Credit Facility for Blue Moon Capital Partners and Aegis Living, which resulted in a $350MM acquisition of ten Assisted Living/Memory Care properties. Here are the highlights:

  • Utilized Tier 4 Credit Facility as a creative debt solution. Totaled $222MM across a mix of 91% fixed-rate and 9% floating-rate debt.
  • Tier 4 structure allowed for competitive pricing, full term IO, and great facility terms.
  • Deal provided 52% mission, as 26% of the units are affordable at 50% AMI.

Given the strengths and sponsorship of the transaction, we were able to move forward despite COVID-19-related challenges.

Want to connect? Contact a member of our team:

Roosevelt Davis - Senior Director
Email Roosevelt

Kate McCormick - Lead Associate
Email Kate

Drew Aunon - Lead Associate
Email Drew


Seniors housing will always be an important part of the Multifamily market, and it’s no exception to our aim to provide liquidity, reliability, and support no matter the market conditions.