Cleary Gottlieb represented Goldman Sachs in the $435 million financing of a national portfolio of 29 assisted living communities acquired by a newly-formed joint venture between Sunrise Senior Living, a publicly-traded REIT, and CNL Lifestyle Properties. The financing utilized a so-called “OpCo/PropCo” structure and was tranched into one layer of mortgage debt and three layers of mezzanine debt secured by equity pledges.