NEW JERSEY · NAICS NAICS 6233 family
New Jersey assisted living projects run on dense suburban demand and high household wealth, against one of the country's tightest labor markets. Studies translate licensed capacity, month-by-month ramp, payer mix, and staffing into projections that lenders can underwrite, and reconcile regulatory and capital cost constraints.
FEASIBILITY TRIGGER
Special-purpose senior housing is study-mandatory in practice, with month-by-month ramp, payer mix, and staffing analysis expected.
Between FY2010 and FY2026, SBA lenders approved and disbursed 24 7(a) and 504 loans for assisted living projects in New Jersey, totaling $30.3 million in approved financing at an average of $1.3 million per loan. New Jersey ranks #24 of 38 states tracked for assisted living SBA lending volume and accounts for 0.8% of national assisted living SBA dollar volume. 100.0% of these loans were made under the 7(a) program, the remainder under 504. 6 loans have been approved since FY2024.
| Disbursed loans (FY2010–FY2026) | 24 |
| Approved volume | $30.3 million |
| Average loan size | $1.3 million |
| 7(a) share | 100.0% |
| Approvals since FY2024 | 6 |
| State rank by loan count | #24 of 38 |
The state-level seasoned cohort in this segment is below our publication threshold of 30 loans, so no state rate is shown. Nationally, seasoned assisted living loans (approvals FY2010–FY2021) show an adverse-resolution rate of 4.1%, against 7.3% across all industries.
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 4.1%, close to the national assisted living benchmark of 4.1%, puts New Jersey deals in this class on ordinary SBA credit footing. Across 24 loans averaging $1.3 million, the underwriting question is deal-specific: a rigorous third-party feasibility study is where documented demand and stressed coverage decide the credit outcome.
Every New Jersey 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.
New Jersey 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 matters where North Jersey land and improvement costs run with the metro New York market. 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.
Dense suburban demand and high household wealth meet a tight labor market, the variables a credible New Jersey ramp model has to keep in tension.
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: New Hampshire, New Mexico, 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
Florida
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