NEW YORK, April 12, 2012 /PRNewswire/ -- Chicago Senior Care, LLC ("CSC"), a partnership between Senior Care Development, LLC, Fundamental Advisors LP, and Life Care Companies LLC today announced it was the successful bidder in a bankruptcy court auction for The Clare at Water Tower, the premier senior housing community in the Midwest. Under the direction of Senior Care Development and its manager, Life Care Services LLC, a leading provider of lifestyle services for seniors, The Clare at Water Tower will emerge from Chapter 11 with no debt on its balance sheet, ensuring a stable future for the community and its residents. In addition, the new owners have agreed to honor the full payment of all resident refund obligations.
"Being part of this partnership is very exciting for LCS. Clearly this partnership fits well with our Capital Deployment strategy as well as the opportunity for our management company, Life Care Services, to serve the residents of The Clare," said Joel Nelson, Chief Development Officer of LCS. "We are in the business of enhancing the changing lives and lifestyles of America's senior population and we look forward to working with our partners in making this magnificent community successful."
"We look forward to developing our relationship with The Clare," added David Reis, Chief Executive Officer of Senior Care Development, which has a 25-year history of developing senior living facilities, specializing in continuing care retirement communities (CCRCs). "These residents are an essential part of the Chicago community who deserve a stable place to call home."
CSC was named the winning bidder for the Clare at Water Tower following an auction conducted in accordance with Section 363 of the U.S. Bankruptcy Code. CSC's all-cash offer allows the facility to emerge from bankruptcy with a strengthened financial structure, which will enable the Clare to focus on its core mission of providing top-tier retirement living for seniors in search of a world-class senior retirement community.
About The Clare at Water Tower
The Clare at Water Tower is a downtown Chicago community dedicated to offering world-class retirement living complemented by an active and social lifestyle. With 53 stories located on Loyola University's Water Tower Campus, residents have access to multiple dining venues, a fitness and aquatic center, media and entertainment center, business center, creative arts studio, performance center, and day spa in addition to university programming, along with a skilled nursing facility and assisted living.
About Chicago Senior Care, LLC
Chicago Senior Care, LLC is a partnership between Senior Care Development, LLC, Fundamental Advisors LP, and Life Care Companies LLC. This team also recently acquired the Monarch Landing located in Naperville, as well as Sedgebrook located in Lincolnshire. Senior Care Development has specialized in developing the full spectrum of senior living facilities, with an emphasis on continuing care retirement communities, since 1988. Fundamental Advisors was formed in July 2007 to invest in special situations related to the municipal revenue bond market, seeking to revitalize distressed assets in such sectors as senior care, affordable housing, student housing and infrastructure.
Michael Freitag / Jonathan Keehner
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Chicago Senior Care, LLC