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Northwest Senior Housing Corporation, d/b/a Edgemere, filed Chapter 11 in the Northern District of Texas with $100 million to $500 million in both assets and liabilities and 200 to 999 creditors. Edgemere is a Texas nonprofit operating a 504-unit Type A life-care continuing care retirement community on a 16.25-acre Dallas campus, with 304 independent-living residences, 68 assisted-living suites, 45 memory-care units, and 87 skilled-nursing beds. As of April 11, 2022, occupancy was 76.3% in independent living, 63.2% in assisted living, 53.3% in memory care, and 62.1% in skilled nursing source filing source filing.
The filing centered on bond debt, resident refund exposure, and a disputed Intercity Investment Properties ground lease. The debtors reported about $111.7 million of secured bond obligations, $122.8 million of contingent entrance-fee liabilities to current residents, and $25.5 million of former-resident refund liabilities. UMB Bank, N.A., as trustee and DIP lender, backed a $10.1 million DIP/cash-collateral package to keep the community operating; the 30 largest unsecured claims were all resident entrance-fee refund claims, led by a $1.34 million claim source filing source filing source filing.
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