Berkadia Secures $114M in Financing for Assisted Living Portfolio
Berkadia announced the refinancing of a nine-property assisted living portfolio spanning Pennsylvania and Ohio.
Managing Directors Steve Muth, Garrett Sacco, and Austin Sacco, along with AVP Alec Rosenfeld of Berkadia Seniors Housing & Healthcare, 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.
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 located in multiple markets across western Pennsylvania as well as the suburbs of Cleveland, Ohio. The portfolio reported occupancy of 86 percent and is projected to reach full stabilization within the next 12 to 18 months following execution of a value-add and capital expenditure plan.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout