CCRC Clare Oaks Exits Bankruptcy with $40M Less Debt, New Operator

A Chicago area continuing care retirement community has exited a 15-month Chapter 11 bankruptcy process with a reduced debt load, a new operator and a $5 million capital improvement plan in place for 2021. Clare Oaks, located in the suburb of Bartlett, emerged from bankruptcy on November 6, 2020, the community announced in a statement. […]

Illinois CCRC Files for Bankruptcy, Seeks to Restructure $141M in Debt

A continuing care retirement community in suburban Chicago filed for Chapter 11 bankruptcy protection last week, after defaulting on a portion of its $141 million in debt. Park Place of Elmhurst in Elmhurst, Illinois defaulted on nearly $15.5 million in bond debt issued by the Illinois Finance Authority in 2016, a document filed in the […]

Life Plan Communities Buoyed by Independent Living Resilience, Strong Home Sales

The resilience of independent living during Covid-19, coupled with a stronger-than-expected market for residential home sales, will contribute to a stable outlook for life plan communities in 2021. That’s according to a report released Wednesday from Fitch Ratings. The credit rating agency also cited favorable demographic trends and good access to capital markets as contributing […]

Path to New Normal Includes Life Plan Community Changes, Less ‘Generic PR Speak’

Senior living providers across the country continue to grapple with the ongoing impact of Covid-19. The current landscape, however, can be an ideal foundation for providers to take stock of their current development and operational issues, and retool for a post-coronavirus world. Many providers are retooling development plans to meet current and future demand, and […]

New York City’s First Life Plan Community Takes Shape on RiverSpring Campus

New York City is experiencing an influx of new senior living options, with high-profile luxury communities coming online in Brooklyn and Manhattan. Further north in the Bronx, the city will also add another option: its first life plan community. Covid-19 is not deterring RiverSpring Health’s plans to build the first life plan community in the […]

Kendal, RiverWoods CEOs Believe Life Plan Communities Must Adapt to Survive

The Covid-19 pandemic is pressuring the senior living industry in myriad ways, and providers that don’t adapt with the times risk going extinct. Life plan communities are more complex to operate in the Covid-19 era, and nonprofits generally don’t have access to the same scale and resources that their for-profit peers do. So, the pandemic […]

Inside the $200 Million Senior Living Highrise Reshaping Norfolk’s Skyline

While highrise senior living projects are grabbing headlines in major metropolitan areas such as New York City and Washington, D.C., the trend is also playing out in smaller cities around the country. One case in point is a 24-story continuing care retirement community (CCRC) expansion that recently topped out in Norfolk, becoming the tallest residential […]

1,000-Bed CCRC Henry Ford Village Files for Bankruptcy Amid Covid-19 ‘Perfect Storm’

Henry Ford Village, a 1,038-bed nonprofit continuing care retirement community (CCRC), has filed for Chapter 11 bankruptcy protection. The spectre of financial distress has loomed over the senior living industry since Covid-19 began sweeping across the United States last spring, placing providers under enormous operational and financial pressure. Providers that were strained prior to the […]

Nonprofit Affiliations Accelerate, National Senior Campuses Tops Largest Providers List

The trend of nonprofit senior housing affiliations snowballed in 2019, and smaller providers now are more motivated than ever to initiate discussions with larger groups. And, more nonprofit providers are diversifying their service lines in order to provide care to seniors off campus. These trends are on display in the 17th annual LZ 200 list […]

Erickson Living, National Senior Campuses Form JV to Develop CCRCs

Erickson Living on Friday announced a joint venture with National Senior Campuses (NSC) to develop and manage new continuing care retirement communities (CCRCs) across the country. The announcement deepens the longstanding relationship between the two firms. NSC is the largest nonprofit senior living organization on the 2020 LeadingAge/Ziegler 200 list of nonprofit operators. It has […]