CHICAGO-A troubled senior housing complex in Chicago was sold in a bankruptcy auction. A venture headed by Senior Care Development LLC of Harrison, New York, bid $53.5 million in cash for the property and agreed to take liabilities including resident deposits that amount to nearly $57 million.

Homewood-based Franciscan Sisters of Chicago spent $272 million to develop the project in 2008. After defaulting on a $229-million mortgage, the Clare filed for bankruptcy protection in November. For the full story, go to Crain's Chicago Business .


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