Henry ford retirement dearborn mi
Henry ford retirement dearborn mi
Greenfield village...
New York firm wins auction to buy Henry Ford Village out of bankruptcy
A New York firm has won an auction to buy the 1,038-unit Henry Ford Village retirement community in Dearborn out of bankruptcy and intends to pay a portion of current residents' refundable entrance fee deposits that bankruptcy had put at risk.
The village announced Thursday that Sage Healthcare Partners won the auction with a $76.3 million bid, beating a $69 million offer from MED Healthcare Partners, the only other bidder.
The deal is still subject to U.S.
Bankruptcy Court approval and is scheduled for a May 24 hearing. Sage plans to continue operating the village, but will convert it to a "rental only" residential model and stop the entrance fee deposits.
Henry Ford Village, 15101 Ford Road near the birthplace of Henry Ford, declared Chapter 11 bankruptcy Oct.
28, citing as its biggest financial challenge the liability associated with the entran