Linden Ponds filed for Chapter 11 bankruptcy protection for its continuing care retirement community (CCRC) in Hingham, Massachusetts on Tuesday.
The company filed in U.S. Bankruptcy Court in Dallas and cites as much as $500 million in assets and debts.
“During the past few years, senior living facilities, including the CCRC, have suffered substantial declines in sales and occupancy and have faced various obstacles in their construction and development as a result of the struggling economy,” the company said in court documents. “As a result of these challenging market conditions, Linden Ponds has suffered a substantial loss of revenue and lower than anticipated absorption rates.”
The Linden Ponds campus, which opened in October 2004, is a 108-acre CCRC that offer seniors a full lifecycle of services during their retirement years from independent living to skilled nursing care on the same campus.
According to court documents, the CCRC had 988 independent living units with an 87.9% occupancy rate as of March 31, 2011. Linden also had a 132 skilled nursing beds with an 68% occupancy rate.
Senior Living, previously known as Erickson Retirement Communities LLC, the prior manager and developer of Linden Ponds, filed for Chapter 11 protection in 2009.