DALLAS — Continuing care retirement community Edgemere Dallas and its owner-operator Lifespace Communities have entered into a forbearance agreement with UMB Bank as lender and Intercity Investment Properties as lessee.
The forbearance is intended to provide the time necessary to proceed with ongoing discussions towards a consensual agreement among the parties designed to strengthen the community’s financial position for the long term and achieve a more sustainable future, according to Lifespace.
During the forbearance period, the parties agree to work cooperatively to reach a consensual resolution of the bonds and ground lease on the property. The initial forbearance period is anticipated to be extended to March 31, 2022, subject to satisfaction of certain milestones and further extension by the parties.
The community remains fully operational.
“We are confident that our active and productive discussions with our stakeholders will enable us to strengthen the community’s financial position and build toward a more sustainable future for Edgemere,” says Jesse Jantzen, president and chief executive officer of Lifespace. “This agreement provides the breathing room needed to reach a fair resolution and marks a positive step forward.”
Sidley Austin LLP and FTI Consulting are representing Edgemere in the negotiations.