Share via Shortlink
Rui Barros, former head of Quarters in the U.S. and Esther Bahne, CEO of Quarters. (Getty, LinkedIn via Rui Barros, Quarters)
Developer Dana Spain was weeks away from finishing construction on a $20 million co-living project when she learned her operating partner went out of business.
Quarters, a subsidiary of Germany-based Medici Living Group, had signed a 10-year lease to operate the 186 units at Spain’s project in the trendy Philadelphia neighborhood of Northern Liberties in 2019. It was part of Quarters’ plan to open 1,500 units in the U.S., after securing $300 million in funds that year. So its abrupt bankruptcy two years later took owners like Spain by surprise.