A Deal Fueled by Financing and Vision
The transaction’s financing will come through a mix of debt and equity, with RBC Capital Markets and BMO Capital Markets committing to the debt portion. Sonida’s two largest shareholders, Conversant Capital and Silk Partners, have agreed to inject $110 million for newly issued shares to support the purchase.
Both companies emphasized that the merger is more than a financial arrangement — it’s a shared vision of care and community. CNL Healthcare CEO Stephen Mauldin highlighted the cultural alignment between the two firms, noting that Sonida “shares our focus on relationships and a resident-centric culture, valuing residents and their families.”
Leadership and Legal Teams Behind the Deal
Upon closing, the combined company’s board of directors will include seven current Sonida directors and two representatives from CNL Healthcare, including Mauldin himself. The merger is slated for completion in late Q1 or early Q2 of 2026, pending shareholder and regulatory approvals.
The transaction is backed by a lineup of powerhouse law firms. Fried, Frank, Harris, Shriver & Jacobson LLP is advising Sonida, while Sidley Austin LLP represents its board’s special committee. Arnold & Porter Kaye Scholer LLP is guiding CNL Healthcare, and Ropes & Gray LLP is advising CNL’s special committee.
The Fried Frank team, led by partners Philip Richter and Erica Jaffe, is steering Sonida through what could become one of the year’s most significant deals in the senior living sector — a multibillion-dollar wager on longevity, lifestyle, and the unstoppable march of an aging America.
