Sonida Senior Living Secures $80M Portfolio Refinance
The company has obtained the refinancing package, arranged by Greystone, for a 941-unit, 10-asset portfolio.
DALLAS, TX – Sonida Senior Living has secured an $80 million refinance package for a 10-asset senior housing portfolio.
Situated across five states, the 941-unit portfolio includes a mix of independent living, assisted living and memory care units.
Greystone arranged the loan, which was provided by a regional bank.
The $80 million initial term loan has a four-year maturity with an optional one-year extension. The loan includes up to $50 million of additional capital, including an uncommitted $40 million accordion, to fund future growth initiatives for Sonida Senior Living.
On behalf of Sonida Senior Living, Greystone’s senior housing capital markets team, led by Cary Tremper, worked on the consolidation and refinancing of various debt obligations.
Sonida Senior Living’s CEO, president and director Kim Lody states, “Having an advisory relationship with the Greystone senior housing capital markets team resulted in a successful financing outcome for our company, positioning us for continued growth.”
Lody adds, “Cary and his team’s strong lender relationships, creative approach to problem solving and deep understanding of the seniors housing capital markets space set them apart as an advisor. We value our relationship and look forward to partnering again in the future.”
“It’s critical that we are able to serve as an advisor to our clients for whatever their unique capital needs may be. With today’s rapidly changing and sometimes volatile market, and rising interest rates, Greystone works as a partner to its clients to find the best-fitting solution that will help meet either short-term or long-term goals,” says Tremper.