Berkadia has arranged a significant refinancing for a nine-property assisted living portfolio located across Pennsylvania and Ohio, underscoring continued capital availability for senior housing assets. The portfolio, which spans multiple markets in western Pennsylvania and the suburbs of Cleveland, Ohio, is composed of 580 assisted living units and is held by a joint venture that includes an experienced owner and New Perspective Senior Living, LLC.
According to Berkadia, Managing Directors Steve Muth, Garrett Sacco, and Austin Sacco, together with Associate Vice President Alec Rosenfeld from Berkadia Seniors Housing & Healthcare, led the financing assignment. The team secured approximately $114.37 million in proceeds for the borrower through Bloomfield Capital Partners, LLC. The transaction was completed on behalf of the joint venture, which originally acquired the portfolio in 2022.
The newly arranged debt is being used to refinance maturing obligations on the portfolio, replacing existing loans that were approaching their maturity dates. By executing this refinancing, the borrower is seeking to align the capital structure of the properties with the next stage of its business plan. The refreshed financing is intended to support both ongoing operations and the implementation of a value-add and capital expenditure strategy across the communities.
The portfolio currently reports occupancy of 86 percent, reflecting a relatively high level of resident demand across the assisted living communities. The business plan calls for further improvement as the sponsor executes on its value-add initiatives and capital improvement program. With this plan in place, the portfolio is projected to reach full stabilization within the next 12 to 18 months, though specific underwriting assumptions or performance metrics beyond occupancy were not disclosed.
The joint venture ownership group, which features New Perspective Senior Living, LLC alongside an unnamed experienced owner, has held the portfolio since its acquisition in 2022. While the specific locations of each of the nine properties were not itemized, Berkadia noted that they are spread across several markets within western Pennsylvania and in Cleveland’s suburban areas in Ohio. No additional details were provided on individual property performance, unit mix, or local market conditions.
Bloomfield Capital Partners, LLC served as the lender on the transaction, providing the financing that facilitated the refinancing of the portfolio’s maturing debt. The announcement did not disclose loan terms such as duration, interest rate, amortization structure, or leverage metrics. However, the size of the financing and the commitment to a value-add and capital expenditure plan highlight an ongoing effort by the ownership to enhance the performance and long-term positioning of this senior housing portfolio.
