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⭒ New Developments

The University Mound Ladies Home Appears to be Saved

University Mound, a home for seniors “of moderate means” since the 1880s, was pending sale to the Alta Vista School, a private elementary school. University Mound’s board of directors had previously signed a contract to sell the two-story brick building to Alta Vista for $5.7 million. Instead, assisted-living company AgeSong will take over the home and continue to operate it as a home for seniors under a deal that could close as soon as Thursday, the company’s CEO said Wednesday. That contract included a clause that allowed AgeSong to buy the property instead if it could match the bid. Nader Shabahangi, AgeSong’s cofounder and CEO, said Wednesday he had assembled a team of investors to do just that. “Hopefully, we can get in there in the next few days to reduce anxiety and give people peace of mind that they don’t have to worry about where they’re going to be living,” he said. About 53 seniors lived at University Mound as of May, when the home’s board first gave its residents 60-day eviction notices. About 20 remain there today.