Edgemere Dallas details Bay 9 stalking horse asset bid

Chicago, Dec. 21 – Northwest Senior Housing Corp., which does business as Edgemere Dallas, detailed the bidding procedures and the stalking horse agreement in a signed order filed with the U.S. Bankruptcy Court for the Northern District of Texas.

Bay 9 Holdings LLC has agreed to buy the assets of the company for $48.5 million.

The purchased assets include the ground lease, the seller’s interest in the land and existing improvements, the accounts receivable, equipment and inventory.

The break-up fee is $1,455,000 and the expense reimbursement amount is $200,000.

Qualified bids must be $100,000 in excess of the stalking horse bid, the break-up fee and the reimbursement amount.

Bids are due by Jan. 13 with an auction date of Jan. 17.

Objections to the sale transaction are due by Jan. 20.

The sale confirmation hearing will be held on Jan. 26.

RBC Capital Markets, LLC is acting as the investment banker for the solicitation of the purchase of the assets.

The Dallas-based luxury senior living community filed Chapter 11 bankruptcy on April 14, 2022 under case number 22-30659.

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