Western Alliance Bank’s Multifamily Housing Finance Group has announced a strategic alliance with Clover Lending Group, a leading integrated asset management, development, and property management firm specializing in affordable senior living and other multifamily communities. This collaboration is designed to expand financing access for active adult communities while supporting high-quality, accessible housing for middle-income seniors.
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Clover Lending Group is nationally recognized for its vertically integrated model, managing development, construction, and property operations. By overseeing the entire lifecycle of its communities, Clover ensures rental rates remain accessible while maintaining high standards for independent living. Through this alliance, Clover’s active adult development and construction clients will gain streamlined access to Western Alliance Bank’s Direct Pay Letter of Credit (DPLOC) multifamily bond financing program, backed by dedicated resources and underwriting expertise. This partnership strengthens Clover’s platform and expands Western Alliance’s reach to leading active adult developers, owners, and operators nationwide.
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Charles Jones, Senior Director of Multifamily Housing Finance at Western Alliance Bank, said, “We are excited about this alliance with Clover Lending Group, which allows us to further our commitment to affordable senior living and multifamily communities that address real community needs. This collaboration creates a more efficient path to financing that benefits developers, their equity partners, and lenders alike.”
The Variable Rate Demand Bond DPLOC program offers borrowers competitive rates, potentially higher loan proceeds under favorable underwriting standards, and flexible financing terms tailored to individual project needs. Michael Joseph, President and CEO of Clover, emphasized the importance of this alliance: “There is a significant and growing shortage of active adult housing, yet few institutional lenders understand or support this sector. Our partnership with Western Alliance Bank provides developers with a reliable financing option, helping ensure more communities are built to meet demand.”
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Active adult housing targets individuals aged 55 and over who prefer age-restricted, maintenance-free communities without the higher costs associated with full-service retirement or assisted living. For lenders, these properties function similarly to traditional multifamily housing while benefiting from longer-term residents, lower turnover, and strong demand trends.
Western Alliance Bank’s Multifamily Housing Finance Group continues to provide flexible, innovative financing solutions for affordable, workforce, student, senior, and conventional multifamily housing projects nationwide, serving as a trusted debt capital partner for a wide range of residential developments.
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