CHICAGO — The financially struggling Clare at Water Tower, an upscale, high-rise senior-living development in downtown Chicago, has reached a preliminary restructuring agreement with a group of bondholders and its letter of credit bank that, if approved, would buy the facility more time to succeed.

The complex has failed to meet projections due to cost ­overruns, construction delays, and ­faltering occupancy rates and was forced to draw $554,000 from its debt-service reserves to cover the debt service payment due last Nov. 15 on $91.5 million of fixed-rate bonds.

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