DALLAS and WEST DES MOINES, Iowa, Dec. 31, 2021 /PRNewswire/ — Edgemere Dallas (“Edgemere” or “the neighborhood”) and Lifespace Communities (“Lifespace”), as proprietor and operator, introduced entry right into a forbearance settlement with UMB Financial institution, as indenture trustee (the “Indenture Trustee”) for the Retirement Facility Income Bonds (the “Income Bonds”), and Intercity Funding Properties, Inc., as lessor (the “Lessor”) dated December 21, 2021 (the “Forbearance Settlement”). The forbearance is meant to offer the time essential to proceed with ongoing, lively discussions in the direction of a consensual settlement among the many events designed to strengthen the neighborhood’s monetary place for the long run and obtain a extra sustainable future.
In the course of the forbearance interval, the events comply with work cooperatively to achieve a consensual decision of the Income Bonds and the bottom lease. Pursuant to the Forbearance Settlement, the Indenture Trustee and the Lessor have agreed to forbear from exercising any rights or treatments in the course of the forbearance interval.
The preliminary forbearance interval is anticipated to be prolonged to March 31, 2022, topic to satisfaction of sure milestones and additional extension by the events.
The neighborhood stays absolutely operational and continues to offer distinctive care and repair to our residents and their households, welcoming new residents every month.
“We’re assured that our lively and productive discussions with our stakeholders will allow us to strengthen the neighborhood’s monetary place and construct towards a extra sustainable future for Edgemere,” stated Jesse Jantzen, president and chief govt officer of Lifespace. “This settlement gives the respiration room wanted to achieve a good decision and marks a constructive step ahead. The perfect pursuits of our present and future residents and their households are our prime precedence and we stay dedicated to delighting our residents. We take the duty with which we now have been entrusted significantly and are dedicated to resolve these monetary points in a fashion that may enable present and potential residents to benefit from the highest requirements of high quality and care for a few years to return.”
Edgemere is represented on this matter by Sidley Austin LLP and FTI Consulting.
About Edgemere Dallas
Edgemere opened its doorways in 2001, and instantly set a brand new customary for luxurious senior dwelling retirement communities in North Texas. It was the primary Life Care neighborhood to land in Dallas and, for nearly a era now, it is supplied residents an unparalleled set of advantages.
Edgemere’s drive to ship a top-tier expertise is reflective of our imaginative and prescient for excellence in senior dwelling. It is a imaginative and prescient shared throughout all 14 members of the Lifespace Communities® household. Collectively, our missions stay centered on one factor — celebrating the lives of seniors in every little thing we do. This straightforward notion has led Lifespace and its multistate system of senior dwelling communities to expertise a long time of success and monetary stability and, much more importantly, earn the belief of 1000’s of workforce members, residents, and their households.
Moreover, Edgemere’s standing as a 501(c)(3) not-for-profit group means all revenues are reinvested into the neighborhood. This not solely fuels the event of higher providers, facilities, and alternatives for our residents, but in addition ensures that within the occasion of a monetary hardship that is no fault of their very own, residents will not be requested to go away the neighborhood.
About Lifespace Communities
Lifespace Communities, Inc., primarily based in West Des Moines, Iowa, is a not-for-profit group proudly serving older adults for greater than 40 years. Based in 1976, Lifespace Communities has grown to personal and function 14 persevering with care retirement communities in seven states, serving greater than 4,700 residents and using greater than 3,700 workforce members. For extra details about Lifespace and its communities, go to LifespaceCommunities.com.
SOURCE Lifespace Communities