PEORIA, Ill. – Peoria-based Petersen Health Care is facing foreclosure, allegedly owing more than $51 million to its lenders.
According to the Journal Star, one lawsuit claims Petersen Health Care owes over $31 million, while another alleges the company is in default on more than $19 million in unpaid Housing and Urban Development loans.
Petersen Health Care owns 17 facilities. Eight of them were placed in receivership at the end of January.
The company has two locations in the Peoria area: Timbercreek Rehab & Health Care in Pekin, and Fondulac Rehabilitation & Health Care Center in East Peoria.
A lawsuit filed January 23, 2023 by X-Caliber Funding LLC in Rockford, was in regards to eight Petersen Health Care facilities in El Paso, Flanagan, Kewanee, Knoxville, Monmouth, Galesburg and Polo, Illinois.
Those facilities were placed in receivership under X-Caliber’s management company, Tutera Group.
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