Operators Of Senior Housing Complexes Not Immune From Foreclosure

Some assisted care housing for senior citizens have not escaped the wrath of the foreclosure problem, recent media reports indicate. Hopefully, resolutions can be reached to minimize the disruptions to the elderly residents and their families.

• Eugene, Oregon - The Register-Guard: An arm of the giant Credit Suisse bank has reached into west Eugene to attempt to foreclose on — and seize cash from — the 14-acre Alpine assisted living, memory care and retirement cottage complex on Barger Drive west of Highway 99. The move is another example of how the global financial crisis is hitting home as the Salem-based Sunwest Management company that runs 57 senior housing facilities in Oregon struggles under the weight its own real estate debt. For more, see Owner of senior homes sued.

• Tahlequah, Oklahoma - Tahlequah Daily Press: A senior assisted living facility in Tahlequah is the subject of a foreclosure action filed Thursday afternoon in Cherokee County District Court. For more, see Foreclosure filed against nursing home.

• Spokane, Washington - KXLY-TV Channel 4: More than 100 Spokane seniors are wondering if they'll have to find a new place to live while their retirement complex faces foreclosure. For more, see For more, see Retirement complex to be auctioned.

• Edina, Minnesota - Minneapolis Star Tribune: Residents of the new Gramercy Club of Edina senior housing complex plan to relocate to a Hennepin County courtroom [...]. Their purpose: to defend their right to stay in their homes. [... E]ach resident has been sued individually by a bank that has also filed a foreclosure suit against the Gramercy Club of Edina corporation, after it defaulted on loans worth $25 million. For more, see Owners of senior housing in Edina defaulted, each resident being sued (Because the owners of a new senior housing complex in Edina defaulted on loans, each resident is being sued and may be ousted). Assisted Living