The troubled Clare at Water Tower luxury senior housing high-rise has a new ownership group that emerged Thursday from an auction in U.S. Bankruptcy Court in Chicago.
A venture led by Harrison, N.Y.-based Senior Care Development LLC bid $53.5 million in cash for most of the development’s assets and agreed to assume liabilities including about $57 million in resident deposits. It plans significant price reductions for units in the largely unoccupied tower, Senior Care Development CEO David Reis said Thursday night.
