South Carolina Senior Living Facilities Default on Muni Bonds

Two South Carolina senior living facilities defaulted on about $37 million of municipal bonds issued in a 2021 debt refinancing, according to a securities filing.

• UMB Bank NA, the trustee for the bond, issued on behalf of CR Lakewood LLC and CR Lakeside Place LLC, said the facilities didn’t have enough cash to make a Nov. 1 principal payment.
• The facilities, located in Spartanburg and Lexington counties, had occupancy rates of 95% and 97% as of June 30, according to a bond filing
• Tax-exempt bonds for the portfolio traded at about 61 cents on Tuesday, according to data ...