Troubled Dallas Senior Care Facility Finds Buyer

Bay 9 Holdings proved to be the white knight, taking over a bankrupt continuing care retirement/life plan community in Dallas. Lifespace Communities was forced to file bankruptcy over a year ago at their Edgemere community due to challenges relating to the Covid pandemic and damage from a destructive winter storm in 2021.

The plan approved by the bankruptcy judge called for Lifespace Communities to reimburse approximately $145 million to almost 300 families for the entrance fees they had paid. A trust has been established through the bankruptcy process that is intended to be used for refunds owed to residents.

McKnight Senior Living reports the Edgemere has started the process of converting from a continuum of care/entrance-fee model to a rental model, with new resident contracts already drafted. Resident rates will remain the same for most residents.

More than 99% of the current staff members will remain in place so that operations and services will continue without disruption.