Sonida to Acquire CNL Healthcare Properties in $1.8B Senior Living Merger 

Sonida Senior Living will acquire CNL Healthcare Properties (CHP), a public non-traded REIT, in a cash-and-stock transaction valued at approximately $1.8 billion. CHP shareholders will receive $6.90 per share, with roughly 66% paid in newly issued Sonida stock and 34% in cash. 

Upon closing, the combined company will have an equity market cap of about $1.4 billion and an enterprise value of roughly $3 billion, operating 153 independent living, assisted living, and memory care communities across the U.S. The merged platform will remain listed on the NYSE under the ticker SNDA. 

The portfolios are highly complementary, deepening Sonida’s presence across the South, Southeast, and Midwest while expanding into the Mountain West and Pacific Northwest. Management expects to drive value through portfolio optimization, operating synergies, deleveraging, and improved liquidity and capital access. 

The transaction, which positions the company as a pure-play senior housing owner-operator, is expected to close in late Q1 or early Q2 2026. Financing includes equity commitments from Conversant and Silk Partners, along with $900 million of committed bridge financing led by RBC and BMO, and a new $300 million revolving credit facility. 

RBC Capital Markets is lead financial advisor to Sonida, with BMO Capital Markets also advising and Newmark serving as real estate advisor. Fried Frank is legal counsel to Sonida, and Sidley Austin is advising its board’s special committee. KeyBanc Capital Markets is exclusive financial advisor to CHP, with Arnold & Porter as corporate counsel and Ropes & Gray advising CHP’s special committee.