Sonida Senior Living enters loan modifications with Fannie Mae, extending maturities and reducing interest by 1.5%

SONIDA SENIOR LIVING, INC.

Executed Loan Modification Agreements with Fannie Mae on Oct 2, 2023 for all 37 encumbered communities.
Maturities on 18 community mortgages extended to December 2026; 19 under Master Credit Facility mature December 2028.
Monthly interest reduced by 1.5% weighted average for 12 months, projected savings of $3.6M (2023) and $2.3M (2024).
Requires $5M principal payment by June 1, 2024, with $5M corporate guaranty and $10M supplemental guaranty.
Excess cash flow escrow: 50% of net cash flow less debt service deposited into lender-controlled capital expenditure reserve.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SONIDA SENIOR LIVING, INC. amended Loan Modification Agreements with Federal National Mortgage Association (Fannie Mae) (effective 2023-10-02).

Action: amendment
Agreement: credit facility
Counterparty: Federal National Mortgage Association (Fannie Mae)
Effective: 2023-10-02

Exact text from the filing

Terms were outlined in an agreed upon term sheet accompanying the Fannie Forbearance to be included in a subsequent loan modification (“Loan Modification Agreements”) as the final step to modify the various 37 Fannie Mae community mortgages and MCF prior to the expiration of the Fannie Forbearance.

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SONIDA SENIOR LIVING, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-252216

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