Berkadia Secures $114M Refinance for Nine-Property Assisted Living Portfolio in PA, OH

Refinancing will support value-add initiatives and capital improvements across the 580-unit portfolio.

Mar. 16, 2026 at 8:49pm

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Berkadia has arranged a $114.37 million refinancing for a nine-property assisted living portfolio located across Pennsylvania and Ohio. The portfolio, which is held by a joint venture that includes an experienced owner and New Perspective Senior Living, LLC, currently reports 86% occupancy and the refinancing will support value-add initiatives and a capital expenditure program to help the properties reach full stabilization within the next 12-18 months.

Why it matters

The refinancing underscores the continued availability of capital for senior housing assets, even as the industry navigates the lingering effects of the pandemic. The portfolio's high occupancy levels and the ownership's value-add strategy demonstrate the ongoing demand for quality assisted living communities in these markets.

The details

The $114.37 million in refinancing proceeds will be used to replace maturing loans on the 580-unit portfolio, which is spread across several markets in western Pennsylvania and the suburbs of Cleveland, Ohio. The joint venture ownership group, which features New Perspective Senior Living, LLC alongside an unnamed experienced owner, acquired the portfolio in 2022 and is now executing a business plan focused on value-add improvements and capital expenditures to drive further occupancy gains and stabilization.

  • The portfolio was originally acquired by the joint venture in 2022.
  • The $114.37 million refinancing was completed on March 16, 2026.

The players

Berkadia

A commercial real estate and mortgage banking firm that arranged the $114.37 million refinancing for the assisted living portfolio.

New Perspective Senior Living, LLC

A senior living operator that is part of the joint venture ownership group for the nine-property portfolio.

Bloomfield Capital Partners, LLC

The lender that provided the $114.37 million in refinancing proceeds.

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What they’re saying

“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.”

— Steve Muth, Managing Director, Berkadia (cremarketbeat.com)

What’s next

The ownership group is expected to move forward with its value-add initiatives and capital expenditure program across the portfolio in the coming months, with the goal of reaching full stabilization within the next 12-18 months.

The takeaway

This refinancing demonstrates the continued strong investor appetite for quality senior housing assets, even in the face of pandemic-related challenges. The ownership group's value-add strategy and the lender's willingness to provide substantial financing suggest that well-positioned assisted living communities remain an attractive investment opportunity.