Lifestyle

Transactions and Financings: Mainstay Buys 3 Communities, New Ciel Senior Living Management Agreement

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Management

Ciel assumes management of HarborChase of Princeton, rebrands

Ciel Senior Living announced it has assumed management of HarborChase of Princeton.

Now rebranded to Ciel of Princeton, the 120-unit assisted living and memory care community is located in Monmouth Junction, New Jersey and the second Ciel Senior Living has taken under management since July 2023.

Ciel of Princeton will add a proprietary dementia program called “Connections by Ciel” to its programming, which “trains and equips memory care employees to provide exceptional care for residents” that have been diagnosed with Alzheimer’s disease.

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Transactions

SLIB facilitates sale of Seattle community

Senior Living Investment Brokerage facilitated the sale of Emerald City, a 119-unit assisted living and memory care community in Seattle, Washington.

The community was built in 2006 and renovated in 2017.

The seller was an out of state private equity group and the buyer was a regional owner and operator looking to expand their footprint in the area.

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SLIB facilitates sale of 143-unit IL and AL community

Senior Living Investment Brokerage announced it facilitated the sale of a 143-unit independent and assisted living community in Scottsdale, Arizona.

The seller for the community is a southern California-based independent owner.

The buyer is the current Utah-based manager of the community.

Financings

HUD announces $40 million in affordable housing funds

LeadingAge has issued a statement on the Department of Housing and Urban Development’s $40 million in funding to support the service coordinators in multifamily housing.

“Service coordinators are a critical source of support and resources for older adults living in affordable housing communities. Research—and the experience of our nonprofit members who provide federally assisted homes to seniors with low-incomes—show that residents are better able to age in community with improved health and overall well-being thanks to the work of service coordinators,” the press release from LeadingAge said.

The funding will reportedly be used to fund 160 service coordination programs across the country.

Ziegler prices financing for Westminster-Canterbury on Chesapeake Bay

Ziegler has announced the successful pricing of Westminster-Canterbury on Chesapeake Bay’s Series 2023 Bonds.

The bonds, valued around $428.5 million, will be used to finance the nonprofit’s The Bay Tower project, which will add a new 22-story independent living apartment building and add 226 units to the existing campus. Additionally, the project will include a five-story parking garage.

The long term portion of the bonds will mature in 2059.

Acquisitions

Mainstay Senior Living acquires three communities

Mainstay Senior Living announced it has acquired three communities.

The acquired South Carolina assisted living communities have been renamed to Ansley Glen at Greenwood in Greenwood, Sumter Terrace in Sumter and Vickery Park in Central.

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