View Latest Cook County Probate Court
Corruption and Fraud Videos at this blog site:
http://northshorelive.blogspot.com/
Luxury retirement community in Gold Coast defaults on loan
By Ameet Sachdev
Tribune reporter
2:50 PM CDT, September 22, 2011
The owner of a luxury retirement community in Chicago's Gold Coast has defaulted on its loan.
The Franciscan Sisters religious order said in a statement that it has elected not to make a scheduled debt payment on the Clare at Water Tower, a 57-story tower at 55 E. Pearson St.
"This is the first step in a process of working collaboratively with our lenders to identify a permanent solution for the structure of The Clare's debt in the future," Judy Amiano, president and chief executive officer of the Franciscan Sisters of Chicago Service Corp.
The Clare is one of several retirement communities that the organization operates in Illinois, Indiana, Kentucky and Ohio. Amiano's statement said that the Clare's financial troubles has no bearing on the rest of the Franciscan ministry.
The story was first reported by Bloomberg News.
Please read complete article at link below:
http://www.chicagotribune.com/business/breaking/chi-luxury-retirement-community-in-gold-coast-defaults-on-loan-20110922,0,595344.story
Editor's note: Your Probate Shark is most unnerved by this event. Many residents of retirement communities post some or all of their assets as a prerequisite to join such communities. Hopefully these financial problems can be corrected as it would a catastrophe beyond imagination to evict hundreds of elder retirees. Lucius Verenus, Schoolmaster, ProbateSharks.com
Friday, September 23, 2011
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Thank you for commenting.
Your comment will be held for approval by the blog owner.