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Mirador files for Chapter 11 as part of sale agreement

Posted at 5:52 PM, Feb 20, 2019

The Mirador Senior Living Community on the city’s southside may have a new owner soon.

The current owner, Senior Quality Lifestyles Corporation, recently filed for Chapter 11 protection on the property.

According to a letter from Mirador’s Executive Director, everyone who lives here will have their contracts and life care agreements honored.  A group of former residents hopes that applies to them as well.

It’s billed as a luxury senior living community, but former Mirador residents say the price is too steep.

When residents leave they’re entitled to 90% of their initial investment back, but one former resident told KRIS 6 News there’s a growing list of former residents waiting for their refunds.

“It was a business deal, and it went sour,” the former resident said.  “They bought in at the wrong time, they built at the wrong time, high-interest rates.”

This former resident didn’t want to be identified.  She says on top of her initial $200,000 buy-in, she also had to pay more than $2,000 dollars a month in rent, with a 4% annual increase.

“When I left, my rent was $3,700 a month,” said the former resident.

She’s one of at least 20 in a queue for refunds.

Meanwhile, Mirador is millions in debt.  According to Chapter 11 filings, Mirador has more than $52 million in assets and more than $105 million in liabilities.  SQLC recently reached a purchase agreement with Texas-based Methodist Retirement Communities for $20.3 million in cash, plus the assumption of certain liabilities.

There’s no mention of whether or not those liabilities include resident refunds.

KRIS 6 News reached out to SQLC to learn more, but was referred to Methodist Retirement Communities.

We’ll update this story when we hear from them.

For more on the Mirador bankruptcy, including all filed documents, click here.