NIC Notes

Insights in Seniors Housing & Care

By: Anne Standish  |  August 25, 2021

Enhanced Transparency with the New NIC Lending Trends Report

Market Trends  |  Senior Housing  |  Skilled Nursing

The NIC Analytics team recently released the inaugural NIC Lending Trends report. The timely report provides first quarter 2021 data as well as nearly five years of data of senior housing and nursing care loan volumes and loan balances from a range of debt providers.

The new quarterly report currently tracks over $85 billion in senior housing and care loans including construction loans, mini-perm/bridge loans, and permanent loans. It includes delinquency rates, same-store growth metrics and indexed volumes.

NIC Analytics has been collecting data for more than five years with the goal of further enhancing transparency of capital market trends in the senior housing and care sector. These data are not to be interpreted as a census of all senior housing and skilled nursing lending activity in the U.S. but rather reflect lending activity from participants included in the survey sample only.

Highlights of the 1Q2021 report can be found below, with the full report available for download on The next quarterly NIC Lending Trends Report, including second quarter 2021 data, is scheduled for release in early November.


Takeaways from 1Q21 NIC Lending Trends Report

  • The issuance of closed new construction loans remained relatively weak for senior housing in 1Q2021 and was at its lowest level since the data series has been reported starting in mid-2016. Growth was negative for the fourth consecutive quarter on a same-store quarter-over-quarter basis. Lenders’ interest in many development projects was put on hold due to uncertainties associated with the pandemic. Anecdotally, and since the introduction and widespread use of vaccinations at the end of 2020, lender interest in the sector has improved and data in future quarters may prove this out. For nursing care, the volume of new construction loans closed saw an increase in 1Q2021 from 4Q2020 but remains at very low levels and is in line with historic patterns.

Source: NIC Lending Trends Report, NIC Analytics

  • Volume of new mini-perm/bridge loans closed was strong for nursing care in 1Q2021, reaching the second highest recorded volume in the time series. Lending has been increasing since the second quarter of 2020 and remained near its 4Q2020 peak. New mini-perm/bridge loans closed for senior housing were flat in 1Q2021 at relatively low levels compared with recent years.

  • New permanent loan issuance for senior housing was weak in 1Q2021 and was at its lowest level in the recorded time series since mid-2016. New permanent loans for senior housing saw a drop of 45.6% on a same-store basis from 4Q2020. Nursing care permanent loan issuance was also weak and has been so for the past several quarters.

Quarterly updates to the NIC Lending Trends Report will be available on 

Interested in participating? NIC very much appreciates our data contributors. This report would not be possible without them. If you would like to participate and contribute your data, please email us at The information provided as part of the Lending Trends survey will be kept strictly confidential. Data acquired from this survey will only be reported in the aggregate, and therefore, the resulting aggregated data will not be attributed to you or your company upon distribution. As a thank you for providing data, data contributors receive the Lending Trends report in advance of public publication.