The Clare Bondholders Green Light Restructure

According to a recent article by Crain’s Chicago Business, the Clare, a high profile, 248 unit luxury CCRC high rise located in Chicago’s Gold Coast neighborhood, has reached a deal with bondholders on a restructuring package.  According to the report, bondholders will get approximately 70% of the principal while others will receive about 30%.  The project, which opened in December 2009, has run into problems with delays, overruns and has made recent headlines regarding its tax dispute with the City of Chicago and Cook County. 

For the full story visit the Crain’s Story:  Clare restructuring approved by bondholders