A continuing care retirement community (CCRC) with a history of financial woes is slated to change hands, with senior living company LCS poised to buy it. The community, known as Harborside and previously Amsterdam at Harborside, in March filed for bankruptcy for the third time in nine years, with LCS winning a five-day auction worth […]
The Amsterdam at Harborside
The owners of a continuing care retirement community on Long Island have filed for pre-negotiated Chapter 11 bankruptcy protection for the second time in seven years, as it looks to restructure $199.5 million in bond debt. The CCRC, The Amsterdam at Harborside in Port Washington, New York, cited struggles to attract new residents, which were […]
Despite several recent reports of Chapter 11 bankruptcy filings among continuing care retirement communities (CCRCs) in the past week, there is no cause to raise the alarm for a sector-wide concern, according to Fitch Ratings. Within the last week, two CCRCs in Indiana and New York both announced Ch.11 filings, each citing various pressures brought […]
The Amsterdam at Harborside, a continuing care retirement community (CCRC) in Port Washington, N.Y., has filed a pre-negotiated chapter 11 bankruptcy petition to restructure an estimated $220 million in debt. Like many CCRCs that opened during the height of the recent recession, the community experienced significant financial stress upon opening due to the impact of […]
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