Business Wire reported Sonida Senior Living, Inc. (the “Company”), a leading owner-operator of communities and services for seniors, announced plans the Company has to enhance its financial position. Dallas-based Sonida Senior Living, Inc. is a leading owner-operator of independent living, assisted living and memory care communities for senior adults. The Company owns and operates 72 senior housing communities in 18 states with 8,000 residents.
Sonida and Fannie Mae have agreed to exercise commercially reasonable efforts to enter into a loan modification agreement for each of their existing mortgage agreements on or before September 30, 2023.
The Company is in discussions with Protective Life Insurance Company in an attempt to resolve its non-compliance on certain non-recourse mortgage loan agreements totaling $72.1 million for four of the Company’s communities.
Additionally, the Company secured a $13.5 million equity commitment, available in part or in whole at the Company’s sole discretion for 18 months, from Conversant Capital, the Company’s largest shareholder, and modified the covenants on its loan with Ally Bank.