Oklahoma Muni-Financed Senior Living Facilities File Bankruptcy

The owner of two municipal-bond financed memory care homes in Oklahoma filed bankruptcy Friday, saying the former facilities manager withdrew more than $400,000 from the owner’s accounts.

Leading Life Senior Living, a Texas-based non-profit, borrowed more than $30 million through the Oklahoma Development Finance Authority in 2017 to finance the purchase of the facilities in Oklahoma City and Edmond. The non-profit also owes more than $3 million in accrued and unpaid interest on the bonds. Leading Life listed both assets and liabilities in the range of $10 million to $50 million.

Leading Life hired J&M Family Management to operate ...