CHICAGO — The Clare at Water Tower, an upscale ­high-rise senior-living community in downtown Chicago that has struggled to meet financial ­projections due to cost ­overruns, construction delays, and ­faltering occupancy rates, drew $554,000 from its debt-service reserves to cover its Nov. 15 debt-service payment.

The draw on reserves was needed to fully make the latest payment on the Clare’s $91.5 million of fixed-rate bonds that was part of its $229 million, mostly tax-exempt issue in 2005. The trustee tapped $405,812 from the reserve on the $74 million A series, $84,818 from the $14 million B series, and $64,982 from the reserve on the $7 million C series.

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