The Clare
From bankruptcy to auction to a new beginning for America's most extraordinary high-rise senior community

Chicago Senior Care, LLC, a partnership between Senior Care Development, LLC, and its financial partner, placed the winning bid on the bankrupt Clare at Water Tower, the nationally known luxury senior high rise located in the heart of Chicago's Gold Coast. The Clare shares a site with Loyola University's Water Tower Campus, and is widely recognized as the premier high rise CCRC, also known as Life Plan Communities, in the country. The community provides services across the full continuum of care encompassing independent living, assisted living, memory care and skilled nursing. The nursing home has been awarded the coveted five-star rating from the Centers for Medicare and Medicaid Services and accepts residents directly from the outside community, as do the assisted living and memory care units.

By 2017, The Clare achieved its goal of virtual total occupancy, with a vibrant community of active residents enjoying everything nearby Michigan Avenue has to offer. Indeed, many of The Clare’s apartments currently have an extensive waiting list.

Senior Care Development (SCD) was selected as the stalking horse bidder prior to the auction. Its affiliate, Chicago Senior Care, ultimately paid $53.5 million in cash for the property, which was originally developed by the Franciscan Sisters of Chicago for over $250 million. In keeping with SCD's corporate commitment to protect the rights of residents first and foremost, the bid included the assumption of all resident contracts and obligations in full. SCD sees the 53-story, 248-unit Clare as the centerpiece of its ongoing strategy of acquiring exceptional assets in markets with high barriers to entry and long-term growth potential, and its partnership with Life Care Services as a testament to the stature of The Clare and SCD alike.

Because The Clare carries little debt in relation to its cost—a condition unique among Chicago's other CCRCs—SCD enjoys the financial stability to offer new residents a broader range of attractive entrance fee pricing structures while maintaining the community's unrivaled standard of luxury.

By purchasing The Clare at such a steeply discounted price and deftly applying intelligent fiscal restructuring, SCD and its partners can now assure current and future residents that their community will be financially secure while offering the high-end market unparalleled value.

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