Texas Non-Profit’s Second Assisted Living Portfolio Defaults

A portfolio of Florida assisted living facilities owned by the Emmaus Calling, a Texas-non profit, failed to make make principal and interest payments on about $80 million of municipal bonds due July 1, according to a securities filing, the second Emmaus portfolio to default.

• H-Bay Ministries Inc. issued bonds through the Capital Trust Agency in 2018 to acquire five assisted living and memory care facilities in Hillsborough, Lake, Citrus, Okaloosa and Marion Counties
  • Taxable H-Bay Ministries bonds traded July 1 at 57 cents on the dollar
• The portfolio had 56% occupancy and $389,560 operating loss in 1Q, according to an ...