Berkadia announced the refinancing of a nine-property assisted living portfolio spanning Ohio and Pennsylvania. Steve Muth, Garrett Sacco, Austin Sacco and Alec Rosenfeld arranged the $114.37 million financing through Bloomfield Capital Partners, LLC on behalf of the borrower, a joint venture with an experienced owner and New Perspective Senior Living, LLC. The two-year, interest-only bridge loan closed in less than 30 days from signed application. Proceeds are being used to refinance maturing debt and position the portfolio for its next phase of the business plan.
Acquired by the joint venture in 2022, the 580-unit portfolio is in the Cleveland, Ohio MSA, and in multiple markets across western Pennsylvania. As of January 2025, the portfolio is 86% occupied and is projected to reach full stabilization within the next 12 to 18 months following execution of the value-add and capital expenditure plan.
