Assisted Living Feasibility Study in the Seattle-Tacoma-Bellevue, WA Metro Area

The strongest assisted living concentration on record

Assisted living in the Seattle area ranks first nationally by loan count. A location quotient of 4.25x says the class holds a share of local loans more than four times its share nationally, and the area ranks 1 of 321 among metropolitan and micro areas for assisted living lending. SBA recorded 173 loans from FY2017 to FY2026, $173.3 million gross. Locally, assisted living sits 6 of 39 among the classes. King County has 92 loans, Snohomish County 59 and Pierce County 22.

Loans are large. The median is $894,300, which stands at 1.18x the national median for assisted living; the lower quartile is $483,000 and the upper quartile $1.4 million. No franchise flag appears, the share being 0.00%. Loan Analytics withholds the split between 7(a) and 504 here under its small-count rule, so there are no program counts and draw no conclusion about how much of the book is real-estate-backed.

A class code that blends care levels

The class draws on index codes that also cover assisted living with nursing, so the figures may mix residential care without nursing and care that includes it. Before leaning on these averages, the study should name the licence category the project would carry, since staffing ratios, state oversight and reimbursement all follow from it, and the comparison only holds if the project resembles the blend.

Two holders, one dominant

Only two institutions reach the listing threshold: Columbia Bank (OR) ($82.1 million across 82 loans) and Sound Credit Union (13 loans, $5.5 million). The first is by far the larger of the two. Those entries come from SBA files on loans that a holder owns or owned. They describe where lending went and offer no view on what a lender would approve now.

Neither loss rate is printed for Seattle assisted living, because Loan Analytics withholds a rate on a small count, so no loss floor appears and neither value is zero. A lender weighing a request therefore has no local loss history in this record, and a borrower should expect a study to build the downside case from first principles: fill-up time for a new building, private-pay rates against operating cost, and the debt service coverage ratio at a loan near $894,300.

A loan reaches those totals when the name of its project county matches; a loan that fails the match is counted nowhere, so the 173 loans are a floor. King, Snohomish and Pierce assisted living loans are placed by county name against the July 2023 delineation; one whose county cannot be placed belongs to no metro, so 173 is a floor on what was lent in the Seattle region.