💥New Chapter 22 Bankruptcy - Tarrant County Senior Living Center Inc.💥

CCRC filed second prepack bankruptcy in five years to refinance debt.

On Oct 1, 2024, Tarrant County Senior Living Center Inc. (d/b/a The Stayton at Museum Way) filed a prepackaged chapter 11 bankruptcy case in the Northern District of Texas (Judge Everett). The debtor operates a “best in class continuing care retirement community” (“CCRC”) that, as of the petition date, housed “approximately” 240 residents on a 2.8-acre campus in Fort Worth, Texas, according to the first-day declaration of Jeff Gentry, the debtor’s CFO and COO at non-debtor parent Buckner Foundation (“Buckner”). 

The Stayton offers the 62-and-older crowd a choice of 188 residences for independent living, 42 for assisted living and 20 for memory support. There is also a 46-bed skilled nursing unit. Residents enjoy a “vibrant, active and independent” lifestyle (many seniors wish they’d moved sooner; romance blooms at CRCCs). The Centers for Medicare and Medicaid Services awarded The Stayton a five-star rating. Revenues are generated by entrance fees, monthly service fees and other fees. Entrance fees for the largest three-bedroom unit is $1.58mm, but just, lol, $493k for the smallest one-bedroom. Monthly fees vary by level of service: $4292-$9786 for independent living units and  $9,597 to $11,906 for assisted living units. 

Given rates like those we’d forgive you for thinking these guys are crushing. But the debtor has been down this road before. It filed a prepackaged chapter 11 bankruptcy case back in November 2019,* which it attributed to “ramp up delays” in construction and move-in sales, Gentry says. We wrote about the filing here: