But the financing landscape has changed a great deal since the pre-recession days, says Raburn. “The lenders who have been here forever are still here,” but new sources of capital have materialized. Sources such as REITs and institutional investors saw how well senior housing was insulated from the downturn, and also look favorably on its current occupancy rates and future prospects. “Over 50,000 seniors turn 65 every day,” Raburn points out, and all of these factors “will keep values stable in the near-term.”

Since 2011, big REITs such as HCP Inc., Ventas, and Health Care REIT have spent tens of billions acquiring senior housing properties.

Financing from Fannie and Freddie, Greystone's specialty, should also remain robust. “They are still growing their senior portfolio,” Raburn says of agencies which he calls “steadfast partners of the senior housing industry.” Like many, Fannie officials also learned a great deal about the sector during the recession. Unlike much of their portfolio, which saw massive bloodletting when the markets burst, the agency's senior portfolio had zero losses. “As long as there is a Fannie or Freddie, I believe they will be focused on senior housing.”

Senior housing did “get a black eye in the 1990's due to overbuilding,” and with so much capital sloshing around, some have worried that construction could overheat again, but Raburn does not see that happening. Back in the 90's, he believes, a lot of multifamily developers got involved in senior housing construction, and got too exuberant about a sector they did not truly understand. Today, investors in senior housing tend to stay away from amateurs, which helps explain why new construction, while a big improvement over the recession years, remains relatively modest. “The lesson learned in the last cycle was to focus on those owners and operators with experience.”

All of these factors helps explain why Greystone is having its best year in senior housing. Furthermore, Raburn “fully believes we will exceed that next year.”