MICHIGAN · NAICS NAICS 6233 family
Michigan assisted living projects run across the metro Detroit and West Michigan markets and into resort-county retirement migration. 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 148 assisted living projects across Michigan between FY2010 and FY2026, moving $118.5 million in approved capital at an average ticket of $801,000. That volume places Michigan at #8 of 38 states measured for assisted living SBA activity, or 3.2% of national assisted living dollars. The 7(a) program carried 68.2% of the loan count, with 504 taking the balance, and 26 approvals have hit the pipeline since FY2024.
| Disbursed loans (FY2010–FY2026) | 148 |
| Approved volume | $118.5 million |
| Average loan size | $801,000 |
| 7(a) share | 68.2% |
| Approvals since FY2024 | 26 |
| State rank by loan count | #8 of 38 |
Among the 109 seasoned loans in this segment (approvals FY2010–FY2021), 3.7% reached adverse resolution — purchased, liquidated, or charged off. The national benchmark for assisted living is 4.1%, against 7.3% across all industries. That performance runs below the national benchmark for this asset class, a credit-positive signal for lenders.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
A 3.7% adverse-resolution rate below the national assisted living benchmark of 4.1% supports the credit story for well-underwritten Michigan projects in this class. Across 148 SBA loans averaging $801,000, that track record does not eliminate the need for a third-party feasibility study, but it means a rigorous study reinforces rather than defends the projections.
Every Michigan 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.
Michigan 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, and the state's Collateral Support Program can layer up to 40 percent collateral coverage onto qualifying deals. 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.
Michigan's aging metros and lakeshore retirement migration drive structural demand in the senior housing class.
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: Massachusetts, Minnesota, 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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