Muni-Financed Senior Living Portfolio in Texas Files Bankruptcy

Glen Hope Harbor Inc., a Texas non-profit that owns a municipal-bond-financed portfolio of assisted-living facilities in Houston and San Antonio, filed for liquidation this week in a Chapter 7 bankruptcy case.

• Glen Hope’s parent, The Emmaus Calling, issued $38m municipal bonds through the New Hope Cultural Education Facilities Finance Corporation to acquire nine rental Alzheimer’s care and assisted living facilities in 2015
• Glen Hope listed estimated assets of $0 to $50,000 and estimated liabilities of roughly $10 million to $50 million
• Occupancy at Glen Hope Harbor declined because of the pandemic
• Bonds with a 4.625% coupon maturing in 2050 ...