Glen Hope Harbor Inc., a Texas non-profit that owns a municipal-bond-financed portfolio of assisted-living facilities in Houston and San Antonio, filed for liquidation this week in a Chapter 7 bankruptcy case.
- Glen Hope’s parent, The Emmaus Calling, issued $38m municipal bonds through the New Hope Cultural Education Facilities Finance Corporation to acquire nine rental Alzheimer’s care and assisted living facilities in 2015
- Glen Hope listed estimated assets of $0 to $50,000 and estimated liabilities of roughly $10 million to $50 million
- Occupancy at Glen Hope Harbor declined because of the pandemic
- Bonds with a 4.625% coupon maturing in 2050 …
