NEW YORK: The seven hundred and twelfth entry for the seniors housing Global Awards for 2015 has been received.
Chicago’s The Clare became a highly visible symbol of hard times facing the senior housing industry when it defaulted on municipal bonds in 2011. At the time, the 53-story continuing care retirement community occupying premium downtown real estate had outstanding debt of $216.5 million, making its default the year’s largest.
But in recent years, under new ownership, The Clare has started to turn things around. And now, with occupancy on the rise, it is undertaking a dramatic renovation to meet evolving market demands…
