The Clare At Water Tower in Chicago, Illinois is one of the most high profile CCRC’s in the country and gets considerable attention. The Bond Buyer Report reported last week that the luxury CCRC needed to dip into its reserves recently to fund its interest carry for its’ November payment. The article, “Upscale CCRC Taps Reserves”, states that parties involved with the financing are in negotiations on restructuring and a forbearance that will provide relief for the project. The project located in the heart of Chicago’s Gold Coast is seen as a model for urban CCRCs even with its high entrance fees when compared to other independent and assisted living units.
For the article, “Upscale CCRC Taps Reserves”