The operator of the Edgemere luxury senior-living community in Dallas filed for bankruptcy Thursday after being hit by higher labor costs and lower occupancy rates during the COVID-19 pandemic, WSJ Pro Bankruptcy reported. The worsening business conditions have led the nonprofit operator, Northwest Senior Housing Corp., doing business as Edgemere, to default on its bonds and breach agreements with its landlord, according to a court filing. Edgemere has also filed a lawsuit against its landlord, Intercity Investment Properties Inc., alleging it had dealt with the senior-living operator in bad faith. According to a separate filing Edgemere made in bankruptcy court Thursday, Intercity has been attempting to oust Edgemere and take over management of the 504-unit property. In the lawsuit, Edgemere accuses Intercity of leaking confidential information about the senior community and calling residents to scare them about Edgemere’s financial conditions, the filing said. Read more.
Don’t miss a session discussing the effects that COVID-19 has had on operational and financial performance, business models past and future, and the real estate valuations of senior living facilities at the upcoming Annual Spring Meeting, April 28-30 in Washington, D.C. Click here for more information and to register.
