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Wilk Auslander Represents Millennium Management in $162 Million HUD-Insured Refinancing of 16 Nursing Homes

The original portfolio of nursing home facilities, which was purchased by Millennium from General Electric in December of 2008, was comprised of 19 facilities located throughout Florida. This transaction involved the refinancing of 16 of the 19 facilities containing 2,088 beds. The HUD-insured lender in the transaction was Walker & Dunlop based in Bethesda, Maryland, with Steve Ervin heading the lender team. Each loan was structured with an all-in interest rate of 4.95%, a 35 year term and a 35-year amortization.

"The nursing home industry is one of the areas where, even during this economically challenging time, financing is readily available because of existence of HUD programs," said Wilk Auslander partner Aaron Kinderlehrer, who led the firm's work on behalf of Millennium. "HUD insured lending is a lengthy, detailed and difficult closing process. However, because of this transaction as well as the other transactions we have completed in this area, our firm has become well versed in the intricacies of HUD financings and has been able to help our clients navigate them successfully." Hillary Jury, an associate in the firm's real estate group, played a pivotal role in these transactions and actually oversaw and attended all the multi-property closings at the HUD Miami office.

Millennium Management, LLC

The core component of Millennium's portfolio consists of more than 50 skilled nursing facilities owned, operated and/or managed by Millennium-affiliated companies in Florida, Georgia, South Carolina, North Carolina, Virginia, Michigan, Pennsylvania and Ohio. Millennium currently operates and manages over 5,600 duly certified and licensed beds, with the largest facility licensed for 272 beds.

Wilk Auslander LLP

Wilk Auslander's clients include real estate developers and operators, hedge funds, investment banks, institutional investors, venture capital firms, lenders, and public and private companies in the healthcare, industrial, service, media, energy, biotech and technology sectors. The firm's engagements cover a wide range of general and transactional work, including mergers and acquisitions, real estate leasing, lending and conveyance transactions, commercial lending, employment law, licensing, securities offerings, tax, joint ventures, venture capital, e-commerce, estate planning, ERISA, creditors' and debtors' rights and workouts.

Linden Alschuler & Kaplan, Inc.
212-575-4545
Steven Alschuler, salschuler@lakpr.com
Shannon Vander Hook, svanderhook@lakpr.com