DALLAS, March 9, 2022 /PRNewswire/ — Edgemere Dallas (“Edgemere” or “the community”) announced a new forbearance agreement involving Lifespace Communities, Inc. (“Lifespace”) and UMB Bank, as indenture trustee (the “Indenture Trustee”) for the Retirement Facility Revenue Bonds (the “Revenue Bonds”).
The agreement is intended to provide the time necessary to proceed with ongoing, active discussions towards strengthening the community’s financial position for the long term to achieve a more sustainable future. In concert with the agreement, all outstanding obligations under Edgemere’s lease have been met. The community remains fully operational and continues to provide exceptional care and services to its residents and their families, welcoming new residents each month.
“We are pleased we have reached this forbearance agreement,” said Jesse Jantzen, President & CEO of Lifespace Communities, Inc. “The agreement provides us with the opportunity to continue productive conversations with our stakeholders. As always, the best interests of our current and future residents and their families are our top priority. We take the responsibility with which we have been entrusted seriously and are committed to obtaining a stronger financial structure, allowing current and prospective residents to enjoy high quality care and services for many years to come.”
Edgemere is represented in this matter by Polsinelli and FTI Consulting.
About Edgemere Dallas
Edgemere opened its doors in 2001, and immediately set a new standard for luxury senior living retirement communities in North Texas. It was the first Life Care community to open in Dallas and, for almost a generation now, it has offered residents an unparalleled set of benefits.
Edgemere’s drive to deliver a top-tier experience is reflective of the vision for excellence in senior living. It’s a vision shared across all 14 members of the Lifespace Communities® family. The mission remains focused on one thing — celebrating the lives of seniors in everything the community does. This simple notion has led Lifespace and its multistate system of senior living communities to experience decades of success and financial stability and, even more importantly, earn the trust of thousands of team members, residents, and their families.
Additionally, Edgemere’s status as a 501(c)(3) not-for-profit organization means all revenues are reinvested into the community, allowing for the development of better services, amenities, and opportunities for residents. This also ensures that residents will not be asked to leave the community, regardless of Edgemere’s financial hardships.
SOURCE Edgemere Dallas