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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.
HFZ, however, has not made any of its monthly payments on the loan since June 1, the lawsuit claims. W Financial notified the company that it was in default on July 29 and told it on Aug. 14 that, because it had failed to cure this default, the entire amount of the loan was now due in full, according to court papers.
The REIT is now moving to foreclose on and take control of the properties. Along with the unpaid balance on the $43.6 million loan, HFZ owes W Financial at least more than $1 million in fees, and the REIT should also receive all income and profits from the properties going forward, the lawsuit claims.
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