A senior living community and senior living operator in Florida has declared bankruptcy after running into financial difficulties.
According to reporting from the Tampa Bay Business Journal, the 491-unit Unisen Senior Living in Tampa, Florida, operated by Tampa Life Plan Village, owes roughly $43.2 million to unsecured creditors and $86.9 million to secured creditors. That includes $79 million in unpaid principal on secured bonds, according to the Business Journal.
The operator and community are currently seeking bidders for a bankruptcy auction planned for June, according to the Business Journal.
Unisen Senior Living did not respond to a request to comment as of press time Wednesday.
The Tampa Bay Business Journal reported that the community had around a 21% occupancy rate, which factored into financial difficulties for the operator since it was purchased from Westport Holdings Tampa in February 2020.
Tampa Life Plan Village had acquired the community for $16 million and received $70 million in bond financing, according to the Tampa Bay Business Journal. Unisen had reportedly attempted to sell or seek out a strategic partnership for the community in September 2023, but was unable to receive offers at the time.
Unisen reportedly brought on Colliers to market the 491-unit facility and has contacted over 17,000 potential parties.
A bankruptcy judge has reportedly approved the asset sale and relocation of the community’s residents, whose costs will be covered by UMB Bank at a rate of $10,000 to $30,000 each. Unisen is reportedly coordinating with neighboring senior living communities to assist in relocation plans.
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