Bay 9 Holdings stepped in as the white knight to take over a bankrupt continuing care retirement/life plan community in Dallas. Lifespace Communities had been forced to file for bankruptcy more than a year ago due to challenges relating to the Covid pandemic and damage from an intense winter storm in 2021.
The bankruptcy judge approved of a plan that would reimburse nearly 300 families approximately $145 million for entrance fees they had paid. A trust was established through the process, which is intended for use towards refunds owed by Lifespace Communities residents.
McKnight Senior Living reported that Edgemere has started transitioning from its continuum of care/entrance-fee model into one with rental agreements, with new contracts already drafted up and ready for sign offs. Most resident rates will remain unchanged during this transition period too; ensuring minimal disruption or changes are experienced by those living at Edgemere currently or looking into it soon! Additionally, more than 99% of staff members have been retained so operations and services can continue without interruption either way!
