Unisen Senior Living gets interim access to $7 million DIP facility

By Sarah Lizee

Olympia, Wash., April 12 – Tampa Life Plan Village, Inc., which does business as Unisen Senior Living, received interim approval of a $7 million term loan debtor-in-possession facility with prepetition secured bond trustee UMB Bank, NA, according to an order filed Thursday with the U.S. Bankruptcy Court for the Middle District of Florida.

The company has about $58.65 million series 2020A, $11.32 million series 2020B, $2.82 million series 2022A and $6.18 million series 2022B prepetition senior living revenue bonds with UMB as trustee.

The DIP facility is set to mature on Aug. 31. Interest will be fixed at the prime rate as of the petition date plus 100 basis points per annum.

The company can now access $500,000 of the DIP financing.

A final hearing is scheduled for May 2.

The Tampa-based company owns and operates a continuing care retirement community consisting of 491 independent living units and various common areas. The company filed bankruptcy on April 5 under Chapter 11 case number 24-01885.

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