WASHINGTON · NAICS NAICS 6233 family
Washington assisted living projects run across the Puget Sound metros and the peninsula and inland retirement corridors. 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.
Washington generated 264 SBA-disbursed assisted living loans between FY2010 and FY2026, worth $232.0 million in approved 7(a) and 504 financing at an average of $879,000 per deal. Ranked #3 of 38 states for assisted living SBA volume, the state captures 6.3% of national assisted living dollars. 92.4% of the loans ran through 7(a) with 504 covering the remainder; 49 approvals have posted since FY2024.
| Disbursed loans (FY2010–FY2026) | 264 |
| Approved volume | $232.0 million |
| Average loan size | $879,000 |
| 7(a) share | 92.4% |
| Approvals since FY2024 | 49 |
| State rank by loan count | #3 of 38 |
Among the 146 seasoned loans in this segment (approvals FY2010–FY2021), 0.0% 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 0.0% adverse-resolution rate below the national assisted living benchmark of 4.1% supports the credit story for well-underwritten Washington projects in this class. Across 264 SBA loans averaging $879,000, 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 Washington 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.
Washington 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, decisive in a Puget Sound market where land costs run high. 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.
Puget Sound aging demographics and peninsula retirement migration sustain 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: Virginia, West Virginia, 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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