A class action lawsuit filed recently in California is raising questions about the way continuing care retirement communities handle entrance fees in cases where residents or their estates are eventually repaid a portion of the upfront fee. Residents of Vi at Palo Alto allege in a complaint that Vi (formerly Classic Residences by Hyatt) transferred […]
A Florida continuing care retirement community (CCRC) has filed for Chapter 11 bankruptcy protection with $55 million of outstanding bond debt. The nonprofit owner, Life Care St. Johns, Inc. also owes $7.8 million in entrance fee refunds to its residents and attributes its financial position to the economic downturn. Life Care St. Johns, Inc., the […]
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