Christian Care Centers Inc. said its financial struggles started in 2018 and were exacerbated by the pandemic. It operates communities in Mesquite, Allen and...
In bankruptcies of retirement homes like Edgemere, which requires entrance fees for independent living units that are often up to 90% refundable, residents or their families areAt Christian Care’s three Texas properties, only 80 units require entrance fees, all at Greenway Village in Mesquite. The entrance fees for a one-bedroom apartment range from $104,800 to $134,640, in addition to monthly service fees ranging from $2,400 to $3,040.
As of May 17, Christian Care had only $85,000 cash on hand, not counting the funds set aside for refunds., Christian Care president Sabrina Porter said the company remains “laser-focused on residents, patients and staff.” Porter said the sale will keep its three communities “stable and sustainable for years to come.”
Of its total 760 units, 412 are for independent living, 152 are for assisted living, 77 are for memory care and 119 are skilled nursing units. Across its facilities, Christian Care has about 490 employees, including about 360 who are full time. Its payroll totals $690,000 every two weeks. Christian Care also owes $53 million in principal and interest on bonds totaling $57 million.
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