The survey indicated the number of lenders who reported that they are providing construction financing was down this year, but financing for other purposes -- bridge financing, funding for acquisition of stabilized projects, mezzanine loans, refinancing of existing debt, and the provision of credit enhancements -- all these areas have shown increased activity this year.

Lenders are serving the long-term care sector, providing financing for assisted living and Alzheimer's/dementia facilities, and nursing homes. However, senior housing that is not driven by acute-care, like seniors apartments and continuing care retirement communities, are projected to account for more than 50% of the investment activity in 2001. In a statement, CBIZ vice president Wade Collins said, "The majority of survey respondents rated lower-acuity seniors housing investments equal or superior to traditional real estate, such as apartments, hotels, industrial, retail and office properties, in terms of risk versus reward."