High-end Dallas retirement community’s financial woes worry investors, landlord.
Falling occupancy levels and an expired forbearance agreement are raising concerns about the financial health of one of the city’s premier retirement communities.
The company that operates the community — where independent living residents pay entrance fees of as much as $1.4 million — recently alerted bond investors that it had fallen far below a requirement to keep 150 days of cash on hand, according to awith Electronic Municipal Market Access. EMMA is a service of the Municipal Securities Rulemaking Board, which protects investors, state and local governments and the public interest.
, an Austin-based real estate private equity firm that specializes in strategic investments in senior housing.to help it find a solution, considering that a financial failure of Edgemere could affect the living situation and health of hundreds of seniors, he said. The 1.55-million-square-foot facility contains 304 independent living apartments, 113 assisted living suites and 87 nursing beds.Rachel Chesley, senior managing director of Washington, D.C.
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