Mitchel A. Hill is a partner at Troutman Sanders LLP, the practice group leader of the firm’s Real Estate Investments Group and a member of the firms' Corporate Practice Group and Private Equity & Investment Management Group. Mitch routinely counsels clients in all aspects of commercial real estate transactions, including the acquisition, disposition, development and leasing of various types of real property as well as joint ventures. Mitch has a particular expertise in the acquisition, disposition and enforcement of distressed debt and debt restructuring. He represents both lenders and borrowers in real estate financings and provides real estate expertise in corporate sales, acquisitions and mergers.
Representative Transactions
Acquisition of over $150 million in mortgage loans - Mitch was the lead lawyer in charge of the acquisition of various loans for both borrowers and investors in various US jurisdictions including NYC.
Enforcement of Remedies on $28 million Mortgage Loan – Mitch led a team of lawyers involved in the litigation, settlement and work out on behalf of a lender for a loan secured by a partially completed condominium construction project in NYC.
Sale of NYC Multi-Building Portfolio for $940 million – Mitch was the lead lawyer in charge of this sale and supervised over 40 attorneys and other professionals within the firm. The project consisted of the sale of 4 separate housing projects in the Harlem area of Manhattan and 1 on Roosevelt Island which all together contained over 4000 apartment units. The transaction was one of the largest residential portfolio sales in New York City history.
Refinancing of Large Multi-State Skilled Nursing Home Portfolio for $920 million - Mitch was the lead lawyer in charge of the project and supervised more than 40 attorneys in multiple offices throughout the firm and over 20 local counsels in various states. The project involved the refinancing of a securitized mortgage loan and mezzanine loan covering over 190 skilled nursing facilities in over 20 states.
Acquisition of Beverly Enterprises, Inc. for $2.3 billion – Mitch was the lead real estate lawyer in charge of this project and coordinated more than 100 Troutman Sanders attorneys in multiple offices and over 20 local counsels in various states in representing the purchaser of Beverly, a NYSE listed company with a portfolio of more than 350 skilled nursing and related health care facilities. This all cash merger included the purchase of Beverly’s owned real estate by a property holding company and the $1.3 billion securitized first mortgage financing of such purchase.
Acquisition of Mariner Health Care, Inc. for $1.3 billion - Mitch was the lead real estate lawyer in charge of this acquisition and supervised more than 100 attorneys in multiple offices throughout the firm and over 20 local counsels in various states. The project included the takeover of Mariner, a publicly traded company with a portfolio of more than 280 skilled nursing facilities and long-term acute care hospitals, in an all cash merger; a tender offer for Mariner's bonds; the purchase of Mariner's owned real estate by a property holding company and the $920,000,000 securitized first mortgage financing of such purchase; the $350,000,000 corporate financing of Mariner and other facility operators, regulatory clearances for change of control of the health care licenses, and development of sophisticated bankruptcy-remote "special purpose entity" structures in coordination with the lender's requirements.
Mitchell Lama Withdrawal, Condominium Conversion and Sale of over 800 Sponsor Units – Mitch was one of the lead lawyers in charge of this complex transaction and supervised over 20 attorneys and other professionals within the firm as well as outside special regulatory counsel. This multi-phased project consisted of the withdrawal of a multi-building housing project consisting of over 1200 apartment units located on the upper east side of Manhattan from New York State’s Mitchell Lama affordable housing program and the simultaneous refinancing of the underlying mortgage indebtedness with a $60 million securitized loan, and the subsequent condominium conversion of the project and sale of a majority of the units to the existing residents of the project. This conversion resulted in one of the largest tenant based insider condominium purchases in New York City history, with close to 70% of the tenants opting to purchase their units for total unit purchases exceeding 800 units. Mitch set up an entire off-site closing center staffed with a team of lawyers and other professionals to close this historic sale of over $300 million of condominium units in just a 2 ½ week period.
Community Involvement
Board Member and Golf Committee Chairperson, March of Dimes, New York State Chapter, Long Island Division.
Publications
Quoted, "Lender Takes Control, Plans Luxury Condo at 5 Franklin Place," September, 12, 2011.