Muni-Financed Dallas-Area Senior Living Project Files Bankruptcy

A 318-unit senior living rental housing community in Plano, Texas filed bankruptcy Tuesday, according to a securities filing.

• BSPV-Plano, a subsidiary of the Spectrum Housing Corporation, issued about $67m of municipal bonds through the New Hope Cultural Education Facilities Finance Corporation in 2018 to finance the construction of Bridgemoor Plano
• The project’s construction has been delayed by a winter storm in Texas and the Covid-19 pandemic
• Senior bonds with a 7.25% coupon maturing 2053 traded on Feb. 10 at about 72 cents on the dollar
• BSPV-Plano filed bankruptcy in the Eastern District of Texas in Plano, listing $50 ...