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DEARBORN, Mich., May 24, 2021 /PRNewswire/ Henry Ford Village ( HFV, the community ) today announced that the United States Bankruptcy Court in the Eastern District of Michigan has approved the sale of substantially all of HFV s assets to HFV OPCO, LLC, an affiliate of Sage Healthcare Partners ( Sage ), for $76.3 million, subject to entry of final agreed orders. The transaction remains subject to regulatory approvals and customary closing conditions, and HFV anticipates the sale will be completed in approximately 90 to 120 days.
The path forward for the community centers around its inclusion in Sage s network of senior living communities, and includes plans to increase programmatic activities for residents and employees while investing to improve HFV s campus more broadly. Sage has also pledged to uphold HFV s current commitments to maintain the health, safety and lifestyle of its residents.
Sage offered $76.3 million to outduel $69 million bid from MED Healthcare
Bid includes funding a portion of resident deposits that total $112 million
Henry Ford Village
Henry Ford Village, a 1,038-bed continuing care retirement community in Dearborn, was sold at auction for $76.3 million
An affiliate of New York-based Sage Healthcare Partners beat back a $69 million bid from Long Island-based MED Healthcare Partners at auction to acquire for $76.3 million the bankrupt 1,038-unit Henry Ford Village retirement community in Dearborn.
The auction was held as a part of its court-supervised sale process and HFV OPCO LLC, a newly formed affiliate of Sage, made the highest offer.
Henry Ford Village Announces Results of Chapter 11 Auction, Successful Bid from Sage Healthcare Partners Affiliate
Sage Offers $76.3 Million to Acquire Dearborn-Based Senior Living Community
Proposed Transaction Outlines Programs to Enhance Resident Experience and Employee Appreciation
HFV Operating Without Interruption, Maintaining the Health, Safety and Lifestyle of Residents
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DEARBORN, Mich., May 6, 2021 /PRNewswire/ Henry Ford Village ( HFV, the community ) today announced that the auction held as a part of its court-supervised sale process has concluded with HFV OPCO, LLC, a newly-formed affiliate of Sage Healthcare Partners ( Sage ) deemed as the highest or best offer. The transaction is subject to Bankruptcy Court approval, as well as regulatory approvals and customary closing conditions.