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
by Bloomberg News.
