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Senior Housing Development Consulting | Haven Senior Investments
Haven Senior Investments · Developer Advisory

Senior Housing
Development
Consulting

Haven Senior Investments advises senior housing developers from concept through occupancy — providing market feasibility, site analysis, operator selection, capital solutions, and development management for assisted living, memory care, and senior housing projects of 50+ units across all 50 states. We bring sector-specific advisory that generalist development consultants cannot replicate.

Talk to a Haven Advisor Market Feasibility Studies
50+
Units — minimum
project size
All 50
States
served
$2B+
Senior housing
transactions
2–4 wks
Feasibility study
delivery
Developers Haven Advises
First-time senior housing developers
Experienced developers from multifamily, retail, or other CRE sectors entering senior housing for the first time — who need sector-specific market knowledge, licensing guidance, operator relationships, and capital sourcing specific to licensed care development
Experienced senior housing developers expanding markets
Developers with existing senior housing projects who are entering new states or markets — needing fresh market feasibility, local regulatory analysis, and operator partnerships in unfamiliar geography
Healthcare systems and non-profit organizations
Hospital systems, health networks, faith-based organizations, and non-profits developing senior housing as a mission extension — needing development advisory that understands both the clinical and operational dimensions of senior care
Landowners and site developers
Owners of entitled or entitleable land who are evaluating senior housing as the highest-and-best use — needing market analysis to confirm demand and capital interest before committing to the development path
Owner-operators expanding through ground-up development
Operators with existing communities who want to develop new inventory rather than acquire — bringing their own operational expertise and needing development advisory, capital sourcing, and pre-opening support
The Development Opportunity

The Most Compelling New
Construction Case in
Commercial Real Estate.

Senior housing development stands apart from other commercial real estate development categories because the demand case is not a market projection — it is a demographic certainty. The population that needs senior housing is already alive. The communities that will serve them have not yet been built. That gap is the opportunity.

The gap between current licensed senior housing supply and projected demand over the next 20 years represents one of the largest unmet needs in American real estate. New assisted living and memory care communities built today are entering a market where occupancy at existing communities has recovered to pre-pandemic highs, and where new supply has lagged because construction costs, labor costs, and financing complexity have kept underprepared developers out of the sector.

That complexity is a barrier — and barriers create returns for developers who clear them with the right expertise and the right capital.

Why Senior Housing Development Now
74M
Americans will be 65+ by 2030
21% of the U.S. population — the largest aging cohort in American history, moving through the age ranges that generate demand for assisted living and memory care now and for the next two decades
70%
Of Americans 65+ will need long-term care
The majority of the aging population will need some form of assisted care before death — creating a demand base that is structural and demographic, not cyclical or discretionary
Low
New supply below historical averages post-COVID
New senior housing construction starts have lagged demand since COVID due to construction cost inflation, financing complexity, and operator hesitancy — leaving supply constrained precisely as demographic demand is accelerating
CON
Regulatory moat in ~35 states protects completed projects
In Certificate of Need states, once a project is licensed and operational, regulatory barriers limit new competitive supply — providing a degree of protection for completed communities not available in most other CRE development categories
Haven's Development Advisory Role

Concept Through
Occupancy — One Advisor.

Haven acts as a senior housing-specific development advisory partner — working directly with owners, landowners, and investors to manage every advisory element of the development process. We bring the sector knowledge that generalist development consultants lack: regulatory frameworks, operator relationships, senior housing-specific capital sources, and the operational experience to design a community that will perform from day one of occupancy.

On larger projects, Haven can function as the lead development advisor — coordinating site selection, entitlements, operator selection, design team assembly, financing, and operational planning as an integrated advisory engagement rather than a collection of disconnected consultants. The result is a development process where every advisor is working from the same senior housing-specific foundation.

Haven's Focus — Advisory, Not Contracting
Haven provides development advisory services — not construction contracting or general contracting. We assemble and coordinate the right team of licensed architects, engineers, GCs, and operators for each project, and we manage the advisory and oversight function throughout. Construction contracts are with specialized licensed professionals; Haven's role is senior housing expertise across every phase.
Market feasibility and site analysis
Before any capital commitment, Haven confirms that the proposed location supports the project — demographic demand, competitive landscape, absorption rate, and achievable private-pay rate levels
Regulatory and licensing roadmap
State licensing requirements, CON analysis, municipal zoning and land use approvals, and the initial licensing application timeline — mapped before entitlements are sought
Operator selection and management agreement advisory
Haven identifies, evaluates, and introduces best-in-class operators for the project, and advises on management agreement terms — fee structures, performance standards, and transition protocols
Capital solutions and lender introductions
Haven identifies the appropriate construction and permanent financing for each project — HUD 232, conventional construction, USDA, EB-5, C-PACE — and connects developers with lenders who specialize in senior housing development
Pre-opening and lease-up support
From sales and marketing infrastructure to resident move-in coordination and census development strategy, Haven remains engaged through operational stabilization — not just through the ribbon cutting
Development Process — Four Phases
I.
Visioning & Strategic Planning
Market feasibility study and demand confirmation
Site evaluation and selection advisory
Master planning and project timeline development
Regulatory review — CON, licensing requirements, zoning
Initial capital stack modeling and return projections
II.
Conceptual Design & Pre-Development
Budget underwriting and proforma development
Operator identification and preliminary selection
Due diligence coordination — environmental, geotechnical, survey
Design team assembly — architect, MEP, civil
Entitlement and permitting strategy
III.
Design & Entitlements
Schematic design and design development oversight
Value engineering coordination
Planning and zoning approvals management
Building permit and state licensing application
Construction financing closing coordination
IV.
Construction & Pre-Opening
Construction oversight and progress monitoring
Payment application review and lender draw coordination
Operational planning — staffing, policies, procedures
Sales and marketing infrastructure launch
Initial licensing inspection and occupancy coordination
Market Feasibility

The Most Important
Investment in Any
Development Project.

Market feasibility is the foundational document for every senior housing development decision. Before a dollar of entitlement cost, design fee, or construction financing is committed, the developer needs to know whether the market can support the proposed project — at the proposed scale, care level, price point, and timeline.

Haven's market feasibility studies are built specifically for senior housing development decisions — not adapted from generic multifamily or commercial real estate research models. The inputs that matter in senior housing are different: senior population density, household income supporting private-pay capacity, competitive supply at each care level, projected absorption rates by unit type, and achievable rate benchmarks by market and product quality tier.

A credible feasibility study also serves as the first document a construction lender or HUD underwriter will scrutinize. Haven's studies are built to hold up under that review — with transparent methodology, data-sourced assumptions, and defensible conclusions.

Delivery Timeline
Haven delivers market feasibility studies in 2–4 weeks for most markets — with the depth required for lender and investor presentations, not the superficial drive-by analysis common in generalist research.
What a Haven Feasibility Study Delivers
Demand analysis — senior population and household income
Senior population projections by age cohort (65–74, 75–84, 85+), household income distribution supporting private-pay capacity, and penetration rate modeling by care level and market maturity
Competitive supply inventory — all care levels
Comprehensive mapping of all licensed senior housing communities within the primary service area — bed count, care levels, current occupancy, and rate ranges — by asset class and quality tier
Absorption rate and stabilization timeline projections
Market-based projections for lease-up velocity — how quickly the proposed community will absorb to stabilized occupancy based on competitive demand, referral network dynamics, and market conditions
Achievable rate benchmarking
Private-pay rate analysis for each proposed care level and unit type — grounded in competitive survey data, not developer wishlist projections. Defensible rate assumptions for proforma underwriting and lender review
New supply pipeline assessment
Review of planned and permitted competitive supply expected to enter the market during the proposed project's construction and initial lease-up period — including CON applications, building permits, and development announcements
Financial summary and proforma inputs
Recommended unit mix, care level positioning, projected stabilized occupancy, and achievable rate assumptions — formatted for integration into a developer's financial proforma and lender presentation
Feasibility studies use NIC MAP, Census/Esri, BLS/CMS, and state licensing data. Studies are delivered in 2–4 weeks for most markets.
Operator Selection & Management Agreements

The Right Operator Is the
Most Important Development Decision.

Senior housing development succeeds or fails based on the quality of the operator who runs the community after the ribbon is cut. A developer can select the right site, secure excellent financing, and build a beautiful community — and still deliver a poor investment result if the operator cannot develop census, manage staff, pass surveys, and deliver on the care promise to residents.

Operator selection is not a commodity search. The criteria for a strong AL/MC operator are specific to the care model, the market, the ownership structure, and the developer's long-term goals. Haven evaluates operators across operational, financial, clinical, and cultural dimensions — and negotiates management agreement terms that protect the developer's interests from day one of operation.

Track record across similar communities — operating performance in the same care levels, market types, and community sizes as the proposed project
Survey and regulatory history — deficiency trend across the operator's portfolio, not just the facility being acquired
Occupancy development capability — referral network depth, census development infrastructure, and marketing execution track record in comparable markets
Staffing and retention performance — turnover rates by position across the operator's portfolio; high turnover operators create care quality and financial risk from day one
Financial strength and capital reserves — operator financial stability, access to working capital, and ability to sustain operations through the lease-up period before the community reaches cash flow breakeven
Cultural and mission alignment — Haven is a faith-driven firm; for developers who share those values, Haven actively identifies operators whose care philosophy reflects the same mission
Management Agreement — Key Terms to Negotiate
Management fee structure
Typically 5–7% of gross revenues; performance-based components tied to occupancy or NOI targets align operator incentives with owner interests
Incentive fee / performance bonus
Additional compensation tied to occupancy, NOI, or other agreed KPIs — aligns operator financial interests with owner performance targets
Term and renewal provisions
Initial term typically 3–5 years with renewal options; longer terms favor operators, shorter terms give owners more flexibility to replace underperforming management
Termination rights
Clear termination triggers — occupancy thresholds, survey failures, financial underperformance — with reasonable notice periods and transition obligations. Critical owner protection.
Approved budget and authority levels
Owner approval thresholds for expenditures above defined levels; operating budget approval rights; capital expenditure authorization limits
Pre-opening services and fee
Operator involvement before opening day — staff hiring, policy development, sales and marketing launch, initial licensing — typically compensated separately from the ongoing management fee
Reporting and transparency requirements
Monthly financial statements, occupancy reports, staffing reports, and regulatory correspondence — frequency, format, and turnaround time should be defined in the agreement
Development Capital Solutions

Senior Housing Development
Has Its Own Capital Stack.

Senior housing development financing differs meaningfully from conventional commercial real estate construction lending. The lender underwriting a senior housing project must understand licensed care operations, lease-up risk in a health-need-driven demand model, and the regulatory framework that surrounds the asset. Generalist construction lenders frequently misunderstand these dynamics — which is why connecting senior housing developers to the right specialized capital is one of the most valuable things Haven does.

The capital stack for a senior housing development project typically includes a senior construction loan (50–65% of total cost), mezzanine or preferred equity (0–20%), and developer equity (15–25%). Several specialized capital sources — HUD 232, C-PACE, USDA B&I, and EB-5 — can meaningfully improve the economics of senior housing development when properly structured.

Typical Senior Housing Development Capital Stack
50–65%
Senior Construction Loan / Permanent Debt
HUD 232 (construction to perm), conventional construction, USDA Business & Industry, or bank construction financing — depending on project size, location, and developer profile
15–30%
Mezzanine / Preferred Equity / Alternative Capital
C-PACE financing, EB-5 investor capital, LIHTC equity (if income-restricted), subordinate debt, or preferred equity from family offices or development investors
15–25%
Developer / Owner Equity
Equity contribution from the developer, land value contribution, and LP equity from investors in syndicated development structures
Construction to Permanent
HUD 232 — New Construction
The best long-term financing available for senior housing development — non-recourse, fixed rate, up to 40-year fully amortizing term. HUD 232 provides construction financing that converts to permanent debt at project completion. Timeline is 9–18 months from application to closing. The combination of non-recourse, fixed rate, and long amortization makes HUD 232 the preferred permanent capital for most stabilized senior housing development projects.
HUD 232 details →
Energy Efficiency Capital
C-PACE Financing
Commercial Property Assessed Clean Energy financing provides long-term, fixed-rate capital for qualifying energy efficiency and renewable energy improvements in senior housing development projects — including HVAC, insulation, solar, and building envelope. C-PACE is repaid through a property tax assessment rather than a loan, often sits behind the senior construction lender, and can meaningfully reduce the developer equity requirement for eligible improvements.
C-PACE details →
Immigration Capital
EB-5 Investor Capital
EB-5 immigrant investor capital — from foreign nationals investing $800,000 (TEA) or $1,050,000 (non-TEA) for U.S. permanent residency — can provide subordinate capital at below-market rates for senior housing development projects in qualifying locations. Rural and high-unemployment area projects qualify for the lower $800,000 threshold and priority processing. Senior housing is one of the most natural EB-5 project types given the job creation profile and long-term capital need.
EB-5 TEA details →
Rural Development
USDA Business & Industry (B&I)
USDA Business and Industry loan guarantees are available for senior housing projects in eligible rural areas — providing loan guarantees that allow bank lenders to extend more favorable terms than they could without the guarantee. B&I is particularly relevant for assisted living and memory care development in rural markets where HUD 232 timelines are too long or conventional lending appetite is limited.
All capital solutions →
Agency Permanent Financing
Fannie Mae & Freddie Mac
For independent living and assisted living communities that meet agency eligibility criteria — stabilized occupancy, experienced operator, adequate DSCR — Fannie Mae and Freddie Mac provide competitive permanent financing with 10-year terms, non-recourse execution, and 30-year amortization. Agency financing is typically arranged as a refinancing of the construction loan after stabilization, not as construction-to-perm.
Agency details →
Ground-Up Construction
Conventional Construction Lending
Regional and national banks with senior housing construction lending experience provide conventional construction financing — typically floating rate, 2–3 year terms, with a take-out commitment from HUD, agency, or conventional permanent lenders. Most appropriate when HUD 232 timeline does not align with project requirements, or when the project is below HUD minimum loan size thresholds.
All capital solutions →
Project Viability

What Makes a Senior Housing
Development Project
Viable?

Not every senior housing development idea becomes a viable project. Haven evaluates development opportunities against a consistent set of market, regulatory, financial, and operational criteria before recommending that a developer commit capital to entitlements, design, or financing.

This evaluation is not about being discouraging — it is about protecting developers from investing in site selection, entitlements, and design fees before confirming that the fundamentals support the investment. The most expensive mistakes in senior housing development happen to developers who committed before they knew what they did not know.

Essential
Sufficient senior population density in the primary service area
The market must have enough seniors — particularly in the 80–84+ age cohort — to generate realistic demand for the proposed project. Markets with aging populations too small to support the project scale are not viable regardless of construction cost or operator quality.
Essential
Household income supporting private-pay rates
The senior population in the market must have sufficient income and assets to afford private-pay senior housing rates. Projects in markets where 80%+ of seniors cannot afford the proposed rates are not viable without significant Medicaid waiver revenue — which changes the entire underwriting model.
Essential
Zoning and entitlement feasibility
The site must be zoneable for the proposed use — or have a clear entitlement path. Senior housing zoning and use permit processes are municipality-specific and can be contentious in some jurisdictions. Confirm before acquiring the site.
Essential
CON approval path (in CON states)
In ~35 states with Certificate of Need requirements for the proposed asset type, the CON application must be feasible — both in terms of regulatory criteria and competitive likelihood. An unfavorable CON process is a project-stopper.
Important
Manageable competitive supply — now and in the pipeline
Existing occupancy above 85% in competitive communities suggests unmet demand. A heavy pipeline of new supply expected to enter during your lease-up period can compress occupancy and extend your path to stabilization significantly.
Important
Achievable construction cost and positive development spread
The all-in development cost must support a viable return — stabilized NOI capitalized at prevailing cap rates must exceed total development cost by a development spread that justifies the project's complexity and risk. If land cost or construction cost are too high for the market's achievable rate levels, the project may not pencil regardless of demand.
Important
Qualified operator committed or identifiable before financing
HUD 232 and most construction lenders require an experienced operator committed to the project before financing is approved. Identifying and securing a qualified operator is not a post-financing activity — it is a pre-financing requirement.
Caution
Market with significant new supply — recent or projected
Markets that absorbed significant new supply in the last 24 months and have not yet returned to stabilized occupancy carry meaningful lease-up risk for a new entrant. New supply entering during your construction period can extend lease-up 12–24 months beyond projections — a potentially fatal underwriting error.
Start a Developer Conversation

Tell Haven About
Your Project.

Whether you have a site under option, a market you are evaluating, or a project already in development that needs specialized advisory support — Haven is the right starting point. Every developer engagement begins with a confidential conversation about the project, the market, and the goals.

Haven responds to all developer inquiries within one business day. There is no obligation and no cost to the initial conversation. If there is a fit, Haven will outline how we can support the project. If there is not, we will tell you that clearly too.

Market feasibility study — confirm your market before committing to site acquisition or entitlement costs
Site evaluation — Haven reviews the proposed site's zoning, access, visibility, and market positioning before you commit capital
Operator identification — Haven identifies and introduces qualified operators for your proposed community
Capital solutions — Haven identifies the right construction and permanent financing for your project and connects you with lenders who specialize in senior housing development
CON and regulatory guidance — Haven evaluates CON feasibility and regulatory requirements in your target state before entitlement commitments are made
Developer Inquiry
Talk to a Haven Advisor
Respond within one business day. Strict confidentiality. Senior housing only.
Email
Which topic best describe your inquiry?
If you are looking to purchase, what are the # of units desired per acquisition or project
How many units do you own?

Confidential · No obligation · Senior housing only
Haven Senior Investments · All 50 States

Start with a
Market Feasibility Study.
The first and most important step in any senior housing development project. Haven delivers in 2–4 weeks with the depth required for lender and investor presentations.
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