MACEDONIA, Ohio — Sonida Senior Living Inc. (NYSE: SNDA) has acquired a 100-unit assisted living and memory care in Macedonia, approximately midway between Cleveland and Akron.
The latest acquisition, in close proximity to an existing Sonida asset, brings the total number of the company’s Ohio portfolio properties to 11. The asset, built in 2015, has not recovered from changes in operator and COVID-driven challenges, according to the buyer. Sonida is acquiring the asset for $10.7 million at a 43 percent discount to the in-place senior mortgage loan and approximately $105,000 per unit.
The acquisition will be financed with a mortgage from the existing lender. Sonida will look to stabilize the asset from current breakeven net operating income (NOI) to a low double-digit cap rate.
In addition to the single-asset transaction in Ohio, the company is finalizing documentation of two joint ventures to facilitate the purchase of eight. The combined transactions include more than 750 units of independent living, assisted living and memory care.
Sonida is also in the process of further broadening its management footprint with three new communities scheduled to transition to the company on June 1.