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

November 5, 2025 5:00 PM

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 largest[1] 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.

[1] By units

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.

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