A 318-unit senior living rental housing community in Plano, Texas filed bankruptcy Tuesday, according to a securities filing, Bloomberg reported. BSPV-Plano, a subsidiary of the Spectrum Housing Corporation, issued about $67m of municipal bonds through the New Hope Cultural Education Facilities Finance Corporation in 2018 to finance the construction of Bridgemoor Plano. The project’s construction has been delayed by a winter storm in Texas and the COVID-19 pandemic. Senior bonds with a 7.25% coupon maturing 2053 traded on Feb. 10 at about 72 cents on the dollar. BSPV-Plano filed bankruptcy in the Eastern District of Texas in Plano, listing $50 million to $100 million in assets and liabilities. Read more.
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