Muni-Financed Senior Living Portfolio in Florida Gets Receiver

A receiver was appointed to operate a portfolio of five Florida assisted-living and memory facilities after the owner failed to make principal and interest payments on $80 million of municipal bonds.

• A Florida Circuit Court granted bondholders’ motion to appoint Healthcare Management Partners, LLC as receiver for facilities owned by H-Bay Ministries Inc. on Aug. 25, according to a securities filing
• H-Bay Ministries, a subsidiary of Texas non-profit the Emmaus Calling, issued municipal bonds through the Capital Trust Agency in 2018 to acquire facilities in Hillsborough, Lake, Citrus, Okaloosa and Marion Counties
  • Subordinate 4.5% bonds maturing 2038 traded at an ...