Park Place of Elmhurst gets revenue bond payment default forbearance

By Caroline Salls

Pittsburgh, Sept. 29 – The trustee of the Park Place of Elmhurst project’s series 2010 Illinois Finance Authority revenue bonds agreed to grant a payment default forbearance on the bonds that runs through Dec. 15, according to a notice released Tuesday.

Trustee UMB Bank, NA said the borrower has not made payments into the trust estate since June toward the debt service due Nov. 15 on the bonds.

Under the forbearance agreement, the borrower will manage the operations of the Park Place facility and will deposit gross revenue in the trust. The trustee will distribute the amount of revenues needed to pay operating expenses.

In addition, the borrower will continue to pay contractual entrance fee refunds to residents, unless holders of a majority of the bonds object.

Park Place will also discuss its financial situation and resolution of that situation with the trustee and majority bondholders and their consultants.

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