Webster Healthcare Funds 144-Unit Senior Housing Community

Webster Healthcare provided $43.35MM in financing as Sole Lender to support the development of a 144-unit Senior Housing Community comprised of Independent Living, Assisted Living, and Memory Care located in Rehoboth Beach, Delaware. Webster Bank provided financing to a tri-party venture among a large institutional investor, REDICO, and Ciel Senior Living – a best in class Senior Housing partnership that will own, develop, and operate the property. As sole lender, Webster Bank delivered market‑competitive financing that will enable the sponsors to develop the property and execute their business plan.

Founded in 1967, REDICO is a vertically integrated real estate investment, development and operating company with a national footprint and a portfolio exceeding $4 billion in value. The firm owns and manages approximately 8,000 residential units and more than eight million square feet of commercial space across a diversified mix of office, retail, mixed-use, life sciences, industrial and senior housing assets.

REDICO’s senior housing platform, American House, was established nearly 50 years ago and is among the nation’s largest senior housing providers. With more than 70 communities across the Midwest, Southeast, Mid-Atlantic and Northeast, the platform offers a full continuum of care, including Independent Living, Assisted Living and Memory Care.

Ciel Senior Living (pronounced “see-EL”) is fully owned by Edward Burnett and Ron Jeanneault, veteran senior housing leaders whose experience spans senior housing operations, real estate investment, new development, asset management, and capital markets. Supported by a best-in-class executive team with extensive senior housing experience, Ciel was established to create exceptional living environments while delivering long-term value to residents, families, investors, and ownership partners. Ciel manages more than 3,000 units across a geographically diverse portfolio and continues to grow through strategic management partnerships, acquisitions, and new development opportunities.

“Webster Healthcare has been a valued partner throughout this process. Their investment in the project and continued support of REDICO and American House reflects a shared commitment to creating high-quality communities and serving the evolving needs of seniors,” said Paul Stodulski, CFO, REDICO and American House Senior Living.

“Webster Healthcare’s market knowledge and mutual long-term commitment to senior living sector was instrumental in selecting them to support this strategic development for our seniors housing joint venture,” noted Edward Burnett, Co-owner, CIEL Senior Living.