Seniors Housing Weekly Update - Clarification on Price for The Clare

March 20, 2012

60 Seconds With Steve Monroe 
 

March 20, 2012. Local media have been reporting that the stalking horse bid for The Clare at Water Tower in Chicago is over $86 million. That includes the entrance fee liabilities, which is not usually part of the stated price, which is $29.5 million cash....

 

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The offer for the Clare in Chicago

From your comments, it appears that entrance fee refunds take priority over bondholder or other debts in a bankruptcy. Is this correct?

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