Sonida Senior Living Announces Strategic Merger with CNL Healthcare Properties

Fried Frank is advising Sonida Senior Living, a leading owner, operator and investor in senior living communities, on its agreement to merge with CNL Healthcare Properties (CHP), a public non-traded real estate investment trust (REIT) which owns a national portfolio of high-quality senior housing communities, under which Sonida will acquire 100% of CHP in a cash and stock transaction valued at approximately $1.8 billion. As a combined enterprise, Sonida expects to have a total enterprise value of approximately $3.0 billion upon closing, which is expected late in the first quarter or early in the second quarter of 2026.

The combination of Sonida and CHP will create the eighth largest owner of US senior living assets with ~14,700 owned units and also reflects Fried Frank's strength in advising companies on strategic transactions across a variety of industries. Read Sonida's press release for more information.

The Fried Frank team is led by partners Philip Richter and Erica Jaffe.

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