A new CCRC is under construction in our backyard in Stamford, Connecticut (figurative backyard from our headquarters in New Canaan). Mozaic Senior Life (formerly Jewish Senior Services) is building Mozaic Concierge Living, a CCRC that will offer 168 independent living units, along with assisted living, memory care and skilled nursing.
The project has been years in the making and is the product of a coordinated effort between Mozaic, development consultant Greenbrier and investment banking firm HJ Sims (another Fairfield County firm). Greenbrier has supported the development from early site evaluation and financial modeling through sales strategy and design. They will also take on a co-management role with Mozaic once the community is operational.
Greenbrier also partnered with Mozaic and HJ Sims to develop and implement a two-phase financing structure that supported both pre-construction and long-term needs. In December 2022, $31 million in Bond Anticipation Notes were issued to fund pre-construction costs. Greenbrier worked closely with Mozaic during this period to manage design development, monitor the financial model and oversee pre-sales.
By November 2024, after hitting 70% in pre-sales, the project was positioned for permanent financing. In February 2025, with 80% pre-sales, a Preliminary Offering Statement was distributed to investors. By April 2025, the team successfully closed on $333.4 million in bond financing.
The capital stack included fixed-rate tax-exempt bonds with longer maturities, fixed-rate tax-exempt bonds with shorter maturities to be repaid with initial entrance fees, and fixed-rate taxable bonds used to fund costs that are not allowed-uses for tax-exempt debt. While some communities have leaned on bank debt in place of entrance fee bonds for flexibility, particularly entrance-fee draw-down structures, the current lending environment made bonds the more attractive route economically.
