Edgemere seeks $5.4 million more DIP financing, maturity extension

By Sarah Lizee

Olympia, Wash., Jan. 9 – Northwest Senior Housing Corp., which does business as Edgemere Dallas, is seeking $5.4 million of additional debtor-in-possession financing, according to a motion filed Friday with the U.S. Bankruptcy Court for the Northern District of Texas.

This would bring the facility’s amount to $15.5 million.

The company is also seeking to extend the facility through April 14, 2023 from Jan. 15, 2023.

If the amendment is approved, the facility’s interest rate would also be changed to 12%, and the DIP lender would get a 2% commitment fee. Interest was previously 10%.

If a default occurs, interest would jump to 14%.

Some of the DIP facility’s case milestones would also change, including pushing the plan confirmation deadline to Feb. 10 and the effective date to April 14.

Bond trustee UMB Bank, NA is the lender.

The company is also seeking to extend the use of cash collateral through March 30.

Edgemere asked the court to schedule a hearing for Jan. 12.

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

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