US: Real estate finance company Greystone has arranged an $80 million refinancing package for a 10-asset senior living portfolio.
The consolidation and refinancing of various debt obligations was completed by Greystone’s Senior Housing Capital Markets Team, led by Cary Tremper, on behalf of Sonida Senior Living.
The portfolio consist of 941 units across five different states.
The initial term loan of $80 million, provided by a regional bank, has a four-year maturity with an optional one-year extension, and includes up to $50 million of additional capital, including an uncommitted $40 million accordion, to fund Sonida’s future growth initiatives. The communities included in this portfolio are based across the US and comprise a mix of independent living, assisted living, and memory care units.
“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,” said Kim Lody, CEO, president and director, Sonida Senior Living. “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.”
Tremper added: 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.”
Dallas-based Sonida was formerly known as Capital Senior Living and underwent a rebranding in November last year after raising $154.8 million in transactions with Conversant Capital.
