CHICAGO-Harrison, New York-based Senior Care Development LLC has agreed to buy the Clare at Water Tower, a senior housing project situated in the Gold Coast, for over $86 million. Last November, the 53-story property filed for bankruptcy protection.
The company will pay $29.5 million in cash and take control of liabilities including nearly $57 million in resident deposits. The 248-unit building, located at 55 E. Pearson St., was developed by Franciscan Sisters of Chicago in December 2008. For the full story, go to Crain's Chicago Business .
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