Five Star Wins Injunction Against $112M Loan Default

Law360, New York (March 19, 2010, 4:48 PM EDT) -- Five Star Development Resort Communities LLC has won its bid for a preliminary injunction to protect it from a declaration of default on a $112 million development loan agreement for a Ritz Carlton hotel project in Arizona.

The injunction bars iStar RC Paradise Valley LLC from terminating its loan agreement with Five Star, declaring Five Star in default of its loan agreement or otherwise taking any actions against it on the basis of any purported default, according to an opinion filed Thursday in the U.S. District...
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