Written by ANN MARIE SHAMBAUGH
See original article: youarecurent.com
The Barrington of Carmel could soon have a new owner.
Indianapolis-based BHI Senior Living has offered $61 million to purchase The Barrington, a Carmel senior living facility at 1335 S. Guilford Rd. A hearing is set for July 24 in a federal court in Dallas to finalize the deal.
Delaware-based Mayflower Communities, which owns The Barrington, filed for Chapter 11 bankruptcy in January. Previous reports stated that The Barrington listed $97 million in assets and $152 million in liabilities at that time.
BHI Senior Living was the only entity to make an offer for The Barrington. A faith-based non-profit organization, it owns and operates Hoosier Village in Zionsville, The Town House in Fort Wayne, Wesley Manor in Frankfort and Four Seasons in Columbus, Ind.
“As an organization, we are very excited about the opportunity to expand our mission,” said Nancy Jones, BHI vice president of sales and marketing. “We feel that The Barrington is a wonderful fit with BHI, and we’re very glad to have it as part of our family.”
The news came as a relief to many of The Barrington’s residents, who pay a six-figure entrance fee to live there. A large portion of the fee is refunded to residents or their estates if they move or die, but as unsecured creditors they were not guaranteed to recoup that money through the bankruptcy process.
BHI, however, has agreed to honor the contracts between The Barrington and its residents.
“The residents’ investment in their future will be protected,” Jones said.
Arnold Spilly said he paid a little less than $300,000 to move into The Barrington five years ago and was glad to hear that BHI is poised to become the new owner.
“We’ve had our own committee of five (residents) that have been looking after our interests. Most are retired attorneys that know what they’re talking about. I think they protected our interests pretty well,” Spilly said. “Most people are pretty casual about what’s going on, and they’re happy with the outlook.”
The Barrington is a not-for-profit organization, funded in part by municipal bonds. Mayflower Communities Inc. defaulted on multiple bond payments in 2018. The City of Carmel sold $119 million in bonds for Mayflower in 2012. The terms of the bonds state that the City of Carmel is not financially responsible for the debt, and the bankruptcy was not expected to affect payments to the city.
The Barrington opened in 2014 and includes 271 living units on nearly 20 acres and employs more than 200 people.
Current has reached out to officials from The Barrington and their attorney for more information.