Assisted Living Feasibility Study in the Milwaukee-Waukesha, WI Metro Area

Milwaukee senior housing: a strong locational lead

In the national table of assisted living without nursing, Milwaukee-Waukesha holds 14 of 321, and in its own mix the class takes eighth place, 8 of 39; the 2.76x location quotient says senior living takes a much bigger bite of local lending than it does across the country. SBA recorded 45 loans and $52.0 million across FY2017 to FY2026. The Milwaukee median of $599,000 compares with the country at 0.79x; between $195,000 and $1.6 million sit the loans in the middle of the range. Milwaukee projects are therefore smaller than average for the class.

Of the 45 loans, 31 used 7(a) and 14 used 504, and franchise flags are absent altogether (0.00%), so independents hold the field. Only residences lacking on-site nursing own this code. Memory units have no category of their own, and residences with nursing are indexed under other codes, which means Wisconsin readers should not treat these totals as the entire senior housing market.

Holders and counties

Wisconsin Women's Business Initiative Corporation is listed with 7 loans and $1.0 million, a small average, and Bank Five Nine with 6 loans and $7.2 million, a very large one. The lender names are SBA's, taken as given, and carry no opinion about the institutions behind them. Milwaukee County, WI has 26 loans and Waukesha County, WI 8.

On cancellation and charge-offs SBA offers nothing for Milwaukee assisted living, and that silence is a withholding, not a zero. Only two years print: FY2018 with 8 loans and $9.3 million and FY2021 with 9 and $8.7 million. Every other year is held back. Milwaukee-Waukesha is built county by county from the 2023 delineation, so only loans with a placeable project county are counted.

Milwaukee assisted living: the demand and cost questions

Older residents within the draw come first, along with the income that pays monthly rates and the licensed units open already in Milwaukee and Waukesha counties. Land, building and licensing outlays are tested against the $599,000 midpoint, and occupancy must stabilize and cover debt service during fill-up. Valuation treats the operation and the real estate as separate pieces. Our Milwaukee studies are signed by Daniel Smith, MAI, and past lending patterns never amount to a promise of approval.