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Real Estate Rescues: The Clare

New York-based retirement home developer Senior Care Development will tentatively buy The Clare at Water Tower, reports Crain's, potentially relieving the Franciscan Sisters of Chicago of one giant headache. You'll recall that The Clare has been distressed for some time, filing for bankruptcy protection back in November. The compounding onslaught of the recession and a prohibitive entry deposit policy produced anemic sales—it had only 34% occupancy at the end of 2011. Another contributing factor to the failure of the exclusive retirement home was the difficulty residents faced selling their previous homes at the peak of the market crisis. Hence, some were anchored to one property too many. Senior Care would pay just over $86M for the 53-story tower, including liabilities. That's less than a third of what it cost to build the dang thing. If Senior Care's bid stands, it will go down as their third senior development rescue in the Chicago area in the last two years. [Chicago Real Estate Daily, previously]