Hard sell for high-end senior living projects - Chicago Sun-Times
The Clare at Water Tower, a high-rise that opened in 2008 at 55 E. Pearson, filed for bankruptcy Monday. Its owner, the nonprofit Franciscan Sisters of Chicago Service Corp., defaulted on about $216 million in debt because only about a third of its 248 independent living condos are occupied. A spokeswoman said the sisters hope to keep control of the project. The bankruptcy filing said the sisters have secured about $12 million in financing for interim operations. Judy Amiano, president of the corporation, said “resident and health care services will continue uninterrupted” during the bankruptcy.
I am compiling a list of all the condo projects and HOAs in the US that have filed for bankruptcy. If any of you out there in cyberspace have the names and locations of any such associations, please send them to me at email@example.com or send them in a comment.