U.S. Judge Michelle Larson approved the sale of Edgemere, a luxury retirement facility in Dallas, nearly a year after it filed for bankruptcy.
to pay the $145 million in entrance fee refunds if certain conditions were met, including leasing vacated units to new tenants.
The families objected, saying some had been waiting since 2019. Lifespace later agreed to issue refunds when units are taken over by new residents or by 2025 at the latest. Larson said she is confident Edgemere’s new owners can fulfill its rental and operational commitment. Bay 9 Holdings is acquiring the property nestled between the affluent Park Cities and Preston Hollow neighborhoodsBay 9′s parent sponsor, Lapis Municipal Opportunities Fund, has invested in more than 40 senior living communities without defaulting and transferred $9 million over the asking price to Bay 9, signaling support for the sale, the judge said.
Larson said her decision represents “a new chapter for Edgemere, which will hopefully be the start of an amicable working relationship between the landlord and the purchaser.”. Arcelia reports on equity, economic topics and North Texas' diverse communities. Before joining The Dallas Morning News in 2022, she covered housing, homelessness and real estate at The Tennessean in Nashville. She is a graduate of Gonzaga University and Columbia University Graduate School of Journalism.
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