November 5, 2025. — Dallas, TX — Leads & Copy — Sonida Senior Living, Inc. will acquire CNL Healthcare Properties, Inc. in a cash and stock transaction valued at approximately $1.8 billion. The combined enterprise is expected to have an equity market capitalization of approximately $1.4 billion and a total enterprise value of approximately $3.0 billion upon closing.
The combined company, trading on the NYSE under the ticker “SNDA”, will have a combined portfolio of 153 owned independent living, assisted living and memory care senior living communities. The portfolios deepen Sonida’s exposure to assets in the South, Southeast and Midwest, while expanding national exposure to markets including the Mountain West and Pacific Northwest.
The transaction is expected to close late in the first quarter or early in the second quarter of 2026, subject to customary closing conditions, including the approval of both Sonida and CHP shareholders.
Sonida majority shareholder Conversant Capital has executed an affirmative voting agreement alongside its equity investment commitment. The transaction will be financed through a combination of cash from Conversant and Silk Partners, as well as debt financing committed by RBC Capital Markets and BMO Capital Markets. Conversant and Silk Partners agreed to acquire newly issued shares of Sonida common equity totaling $110 million at the reference price ($26.74). Sonida has obtained committed bridge financing of $900 million to fund the cash portion of the purchase price and repay CHP’s existing corporate credit facilities, and a committed, upsized revolving credit facility of $300 million.
At closing, Michael Simanovsky, Founder and Managing Partner of Conversant Capital, will become the new Board Chairman. Stephen Mauldin, the current CEO, President and Vice Chairman of CNL Healthcare Properties, Inc., will join the Board of the combined company.
Michael Simanovsky, Founder and Managing Partner of Conversant Capital
Brandon Ribar, President and Chief Executive Officer
Stephen Mauldin, CEO, President and Vice Chairman of CNL Healthcare Properties, Inc.
Source: Sonida Senior Living, Inc.
