Newmark Serves as Real Estate Advisor on $1.8 Billion Strategic Merger Between Sonida Senior Living and CNL Healthcare Properties

Rhea-AI Summary

Newmark (Nasdaq: NMRK) served as real estate advisor to Sonida Senior Living (NYSE: SNDA) on a definitive cash-and-stock transaction valued at approximately $1.8 billion to acquire CNL Healthcare Properties, creating a combined senior‑housing owner-operator with an expected $3.0 billion enterprise value and ~$1.4 billion equity market capitalization.

The merged company will own 153 independent living, assisted living and memory care communities totaling ~14,700 units, rank among the top eight U.S. senior living owners, and expects the deal to be immediately accretive to normalized FFO with operating and structural synergies, enhanced liquidity, and deleveraging. Closing is expected in H1 2026, subject to customary approvals. Newmark advisors on the deal were Chad Lavender and Ryan Maconachy.

Positive

• Transaction value approximately $1.8 billion
• Combined portfolio of 153 communities (~14,700 units)
• Pro forma enterprise value of $3.0 billion
• Deal expected to be immediately accretive to normalized FFO
• Sonida projects operating and structural synergies and enhanced liquidity

Negative

• Closing timing risk: transaction expected in H1 2026, subject to customary approvals

Insights

Senior M&A Analyst

Merger combines scale and operating assets; near-term metrics point to accretion but depend on approvals and synergy delivery.

Sonida agreed to acquire CNL Healthcare Properties in a cash-and-stock deal valued at $1.8 billion, creating an operator with about 153 communities and ~14,700 units and an expected combined enterprise value of $3.0 billion and equity market cap of $1.4 billion.

The business mechanism is simple: combine portfolios to increase scale, capture operating synergies, and improve liquidity and leverage metrics; the company also states the deal will be immediately accretive to Normalized FFO. Key dependencies include customary regulatory and shareholder approvals and the execution of the stated operating and structural synergies.

Watch milestones closely: closing targeted in the first half of 2026, measured accretion to Normalized FFO after close, and concrete synergy realization metrics. Also monitor integration-related costs and any conditions tied to approvals; transaction-level figures and unit counts provide clear short-term checkpoints.

Merger Creates $3 Billion Senior Housing Owner-Operator with National Scale

NEW YORK, Nov. 5, 2025 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the Company has acted as the real estate advisor to Sonida Senior Living, Inc. (NYSE: SNDA), a leading owner and operator of senior housing communities, on its definitive agreement to acquire CNL Healthcare Properties, Inc. in a cash-and-stock transaction valued at approximately $1.8 billion. The merger will create the eighth largest¹ owner of senior living assets in the United States, with a combined portfolio of 153 owned independent living, assisted living and memory care communities totaling approximately 14,700 units.

Newmark's Chad Lavender, President of Capital Markets, North America, and Ryan Maconachy, Vice Chairman and Co-Head of Healthcare and Alternative Real Estate Assets, advised on the transaction.

Upon closing, the combined operator expects to have an approximately $3.0 billion enterprise value and $1.4 billion equity market capitalization. The transaction is expected to be immediately accretive to Normalized Funds From Operations (FFO), with Sonida projecting substantial operating and structural synergies, enhanced liquidity, and deleveraging.

"This merger reflects the strength of Sonida's leadership and strategy, pairing operational excellence with a platform well-positioned to capture the long-term demographic tailwinds in the senior living sector," Maconachy said.

Sonida will retain its NYSE ticker symbol and existing leadership team post-closing. The transaction is expected to close in the first half of 2026, subject to customary approvals.

According to Newmark Research, investor interest in Seniors Housing is growing. Transaction activity in the sector reached $13 billion through the end of September, up 67% from the same period last year.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2025, Newmark generated revenues of over $3.1 billion. As of September 30, 2025, Newmark and its business partners together operated from approximately 170 offices with over 8,500 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

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SOURCE Newmark Group, Inc.

FAQ

What did Newmark announce about the Sonida (NYSE: SNDA) and CNL Healthcare Properties merger on November 5, 2025?

Newmark announced it advised Sonida on a $1.8 billion cash-and-stock merger with CNL Healthcare Properties that creates a combined operator with ~14,700 units and an expected $3.0 billion enterprise value.

How many senior living communities will the merged Sonida and CNL portfolio include and how many units?

The combined portfolio will include 153 owned independent living, assisted living and memory care communities totaling approximately 14,700 units.

When is the Sonida and CNL Healthcare Properties transaction expected to close and what approvals are required?

The transaction is expected to close in H1 2026 and is subject to customary regulatory and shareholder approvals.

What is the expected financial scale of the combined Sonida post-merger?

Upon closing the combined operator expects about a $3.0 billion enterprise value and approximately $1.4 billion equity market capitalization.

Will Sonida keep its NYSE ticker and leadership after the merger with CNL Healthcare Properties?

Yes; Sonida will retain its NYSE ticker symbol and its existing leadership team post-closing.

What are the stated near-term financial effects of the Sonida–CNL merger for shareholders?

The company projects the transaction will be immediately accretive to normalized FFO and anticipate substantial synergies, enhanced liquidity, and deleveraging.