CHICAGO — The Illinois Finance Authority board advanced plans this week for more than $550 million in health care-related deals, including the Clare at Water Tower’s tender and exchange offer that is part of a debt restructuring aimed at giving the struggling retirement development more time to succeed.

The original $229 million deal for the Clare in downtown Chicago was issued through the IFA in 2005 with Ziegler Capital Markets Group serving as underwriter. The issue included $91.5 million of fixed-rate bonds, $125 million of variable-rate bonds and $12.5 million of taxable variable-rate bonds.

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