TITLE

Lessons from CCRC Bankruptcies: Put Skin in the Game

AUTHOR(S)
Carr, Robert
PUB. DATE
January 2013
SOURCE
National Real Estate Investor Exclusive Insight;1/28/2013, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article discusses lessons that real estate investors can learn from the bankruptcies that beset continuing care retirement communities (CCRC) in the U.S. It cites the case of the bankrupt Clare at Water Tower in Chicago, Illinois wherein the owners defaulted on the project's bonds when the economy crashed and could not find enough residents. It argues that the troubles can be traced to underwriters who set up non-profit boards that had no experience handling senior housing projects.
ACCESSION #
85642628

 

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