Unisen Senior Living files bankruptcy, seeks sale of community

By Sarah Lizee

Olympia, Wash., April 9 – Tampa Life Plan Village, Inc., which does business as Unisen Senior Living, filed Chapter 11 bankruptcy on Friday in the U.S. Bankruptcy Court for the Middle District of Florida, according to court documents.

Unisen owns and operates a continuing care retirement community in Florida consisting of 491 independent living units and various common areas. The community is currently only 21% occupied, which has been a contributing factor to its financial challenges, Unisen said.

In September 2023, the debtor engaged B.C. Ziegler and Co. to advise it in connection with an affiliation or other transaction that would continue the community as a senior living community. However, no binding offers were generated.

On March 18, the debtor engaged Colliers International Florida, LLC to run an open marketing process for the property to all potential interested parties, including parties that would repurpose the facility to an alternative use, such as student housing, since the property is near the University of Southern Florida.

The debtor said it is working on a plan to relocate residents.

Unisen filed a motion Friday that seeks approval of bid procedures. If approved, the bid deadline would be 4 p.m. ET on June 10, an auction would take place on June 14 and a sale hearing would be scheduled for June 20.

The company is also seeking approval of a $7 million term loan debtor-in-possession facility with prepetition secured bond trustee UMB Bank, NA.

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.

In its petition, the company reported $10 million to $50 million in assets and $50 million to $100 million in liabilities.

Its largest unsecured creditor is Stichter Riedel Blain & Post, based in Tampa, with a $1.66 million administrative deferred note claim. No other creditors were listed with unsecured claims of $1 million or more.

The Tampa-based company filed bankruptcy under Chapter 11 case number 24-01885.

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