Unisen Senior Living is having trouble finding tenants. Its 491-unit senior living facility has only a 21% occupancy rate. Operated by nonprofit Tampa Life Plan Village, the company owes $43 million to unsecured creditors and nearly $87 million to secured creditors. The amount includes $79 million in unpaid principal on secured bonds. The Tampa Business Journal reports after failed attempts to revitalize the business, the company now plan to wind down operations and try to sell the facility at auction in June.

A bankruptcy judge approved the asset sale and the relocation of the facility’s current residents. UMB Bank, Unisen’s secured lender, agreed to fund the relocation of Unisen’s 106 residents. Unisen is currently coordinating with nearby senior living communities to formulate and assist in the relocation plans.

Tampa Life Plan Village purchased the property, previously known as University Village, out of bankruptcy in 2020 from Westport Holdings Tampa. The nonprofit paid $16 million for the property and later received an additional $70 million in bond financing.

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