CINCINNATI — Sonida Senior Living has acquired a seniors housing community in Cincinnati for $16.3 million. Development of the property was completed in 2021, however the community did not open, due to construction finance foreclosure.
Totaling 82 units, the community will offer 50 assisted living and 32 memory care residences. The property is situated adjacent to Sonida’s existing Wellington at North Bend Crossing community, which features 121 senior living units. Together, the properties will comprise a 203-unit, two-community campus offering a continuum of care.
Sonida funded the acquisition with $18.3 million in seller financing, which includes $2 million for capital expenditure investment into the facility. The non-recourse mortgage carries an 84-month term and 24-month interest waiver, with a 3 percent fixed interest rate thereafter.
The community is scheduled to open later this year.