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The Clare is Bankrupt

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It's something we'd never wish for but thought might happen— The Clare at Water Tower has declared bankruptcy. In September we reported on the defaulted $229M loan that The Clare framed as a prelude to a scheduled restructuring. That restructuring has arrived, and we don't know how it will resolve. Two-thirds of the senior-living units remained unsold as of late September. This leads many to believe that operator and developer, The Franciscan Sisters of Chicago, will be compelled to sell or turn the units to rentals. [Crain's]