ARIZONA · NAICS NAICS 6233 family
Arizona assisted living projects run across Phoenix, Scottsdale, Tucson, and the retirement corridors that feed one of the fastest-growing senior demand bases in the country. Studies translate licensure capacity, month-by-month ramp, payer mix, and staffing models into projections, and reconcile the special-purpose nature of senior housing against the going-concern appraisal and elevated equity requirements.
FEASIBILITY TRIGGER
Special-purpose senior housing is study-mandatory in practice, with month-by-month ramp, payer mix, and staffing analysis expected.
SBA 7(a) and 504 lenders funded 220 assisted living projects across Arizona between FY2010 and FY2026, moving $184.9 million in approved capital at an average ticket of $840,000. That volume places Arizona at #4 of 38 states measured for assisted living SBA activity, or 5.0% of national assisted living dollars. The 7(a) program carried 88.6% of the loan count, with 504 taking the balance, and 27 approvals have hit the pipeline since FY2024.
| Disbursed loans (FY2010–FY2026) | 220 |
| Approved volume | $184.9 million |
| Average loan size | $840,000 |
| 7(a) share | 88.6% |
| Approvals since FY2024 | 27 |
| State rank by loan count | #4 of 38 |
Among the 162 seasoned loans in this segment (approvals FY2010–FY2021), 4.3% reached adverse resolution — purchased, liquidated, or charged off. The national benchmark for assisted living is 4.1%, against 7.3% across all industries. That is broadly in line with the national benchmark for this asset class.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
An adverse-resolution rate of 4.3%, close to the national assisted living benchmark of 4.1%, puts Arizona deals in this class on ordinary SBA credit footing. Across 220 loans averaging $840,000, the underwriting question is deal-specific: a rigorous third-party feasibility study is where documented demand and stressed coverage decide the credit outcome.
Every Arizona assisted living project we underwrite follows the same lender ready process: independent market analysis, site and technical review, and financial projections tested against SBA SOP 50 10 8 standards. Our SBA feasibility study consultants guide explains scope, timing, deliverables, and what lenders and CDCs expect in the report.
Arizona projects most often pencil under SBA 504 because the 50/40/10 structure delivers up to 90 percent financing on owner-occupied real estate at a fixed debenture rate, which is decisive in a state where Sun Belt growth has pushed land and improvement costs higher each cycle. SBA 7(a) covers acquisitions, working capital, and equipment, and from July 4, 2026 eligible borrowers can combine 7(a) and 504 for up to $10 million in total program credit.
Arizona's retiree in-migration gives the state one of the fastest-growing senior care demand bases in the country, and one of the fastest-growing competitive pipelines, which is exactly the tension a credible study resolves.
For a national view of this asset class, see our assisted living SBA feasibility overview, and read our related analysis in the assisted living lending research on our blog.
Compare neighboring markets: California, Texas.
Public SBA and CDC program records, cited as program evidence
$4.5M total project through Florida First Capital
Expansion from 38 to 92 beds with refinance, national program evidence
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