Real Estate

  • May 27, 2015

    BofA Escapes Class Suit Over Foreclosure Atty Fees

    A Missouri federal judge on Tuesday threw out a putative class action against a Bank of America NA subsidiary selling mortgages in the state, ruling it is legal for the lender to charge attorneys' fees to homeowners facing foreclosure.

  • May 27, 2015

    Freedmen Descendents' Class Cert. Bid Untimely, DOI Says

    Descendants of slaves held by tribes that sided with the Confederacy during the Civil War can’t win class status in their suit seeking royalties from land granted to their ancestors, the U.S. Department of the Interior told a D.C. federal judge on Tuesday, saying their motion was filed months too late.

  • May 27, 2015

    Nomura Trio To Come Together In $7.3B REIT

    Three Nomura Real Estate Group real estate investment trusts announced on Wednesday that they have entered into a merger agreement to create the largest diversified Japanese REIT with about 900 billion Japanese yen ($7.27 billion) in assets.

  • May 27, 2015

    Real Estate Rumor Mill: Shui On Land, Prodigy, Clarion

    Shanghai-based Shui On Land Ltd. is reportedly considering selling part of a office complex for $1.6 billion, while crowdfunder Prodigy Network is buzzed to be picking up two Manhattan properties for $100 million and Clarion Partners is said to be buying a $75 million Chicago apartment building.

  • May 26, 2015

    Credit Suisse Accused Of Breaking Tolling Deal In Loan Suit

    Affiliates of Highland Capital Management LP that are suing Credit Suisse Group AG over a unit's alleged deceptive marketing of loans for resorts and high-end residential communities hit the bank with another multimillion-dollar lawsuit in Texas court Friday, saying the bank breached a tolling agreement in their New York case.

  • May 26, 2015

    KBR Ruling May Force Gov't To Cut Wells Fargo Fraud Claims

    The federal government will likely be forced to drop some claims in its $189 million mortgage fraud suit against Wells Fargo & Co. in New York federal court, following a U.S. Supreme Court decision Tuesday limiting a wartime pause on the expiration of government fraud claims.

  • May 26, 2015

    K&L Gates Steers Concord In $109M Raleigh Hotels Deal

    K&L Gates LLP guided North Carolina-based hotel developer Concord Hospitality Enterprises Co. in its $109 million sale of its Marriott Renaissance Raleigh North Hills and Hyatt House Raleigh North Hills hotels to an undisclosed Middle East sovereign wealth fund, the firm confirmed Tuesday.

  • May 26, 2015

    Canada Extends New Immigrant Investor Application Window

    The government of Canada said Saturday it is reopening the application window for a new program to enable immigrant high-net-worth investors and their families to gain residency through investment in a venture capital fund for Canadian startups.

  • May 26, 2015

    Mortgage Lender Can't Trim Successor Employer FLSA Row

    A New Jersey federal judge on Friday rejected a mortgage lender’s attempt to trim a suit alleging it’s liable for Fair Labor Standards Act violations by the company it acquired, saying state law allows for successor employers to be sued for unpaid overtime, not just unpaid minimum wage.

  • May 26, 2015

    Fla. Landowners Press Takings Appeal Over Gov't Delays

    A group of Miami-Dade County landowners asked a Florida appeals court Tuesday to reverse a decision shutting down their claims that the South Florida Water Management District effected a constitutional taking of their property through its prolonged planning for a wetland conservation area.

  • May 26, 2015

    Variant Judge Rejects $50M Claim Bid From CEO, Others

    A Delaware bankruptcy judge on Tuesday rejected a bid by Variant Holding Co. LLC’s CEO and more than a dozen entities that held interests in the debtor’s properties to be paid roughly $50 million from the proceeds of its proposed real estate portfolio sale.

  • May 26, 2015

    DC Circ. Upholds FWS’ Endangered Species Deals

    The D.C. Circuit on Tuesday shot down an effort by several homebuilder and landowner groups to scuttle settlements between environmentalists and the U.S. Fish and Wildlife Service to determine the status of 251 endangered species, finding the groups lacked standing.

  • May 26, 2015

    DOI Won't Revisit Pipeline Right-Of-Way Grant On Tribal Land

    A U.S. Department of the Interior panel has refused to reconsider its affirmation of the Bureau of Indian Affairs' right-of-way renewal for Phillips 66 Pipeline LLC across land on the Blackfeet Indian Reservation, ruling a minority interest holder had not given enough reason to revisit the decision.

  • May 26, 2015

    Supreme Court Passes On NJ Developer's $60M Taking Suit

    The U.S. Supreme Court declined Tuesday to review a New Jersey ruling that purportedly denied a real estate developer due process and $60 million in compensation for the taking of its land by a municipal government.

  • May 26, 2015

    5 Considerations For Banks Eyeing EB-5 Bridge Lending

    As the EB-5 program, which allows foreign investors to commit as little as $500,000 to a project in exchange for a green card, continues to pick up steam and funnel hundreds of millions of dollars into U.S. projects, banks are increasingly eyeing an opportunity to help developers bridge a common funding gap inherent in the process. Here, Law360 looks at five things lawyers say banks need to consider when contemplating EB-5 bridge lending.

  • May 26, 2015

    Secure Income Sells Madame Tussauds Property For $512M

    Secure Income REIT has sold a central London tourist site occupied by popular wax museum Madame Tussauds to expansion-minded Taiwanese insurer Fubon Life Insurance for £332.5 million ($511.8 million), the company said Tuesday.

  • May 26, 2015

    Fla. Real Estate Primed For Wave Of Private Equity Financing

    As real estate has boomed in Miami, a growing number of private equity firms looking for ways to deploy cash reserves for a better return on their investment have started financing real estate projects, a trend attorneys expect to continue not just in South Florida but also in Orlando and other metro areas across the state.

  • May 26, 2015

    ICP Reps Sue Barclays To Recoup $36.5M For Investors

    The foreign representatives overseeing the New York bankruptcy proceedings of two ICP Asset Management LLC hedge funds accused Barclays PLC of misappropriating $36.5 million in fund money that should have gone to defrauded mortgage-backed securities investors.

  • May 26, 2015

    Stockton U Says Showboat Buy Was A Raw Deal

    New Jersey's Stockton University on Tuesday announced a $22 million proof of claim filed in the Chapter 11 case of Caesars Entertainment Operating Co. over the university's purchase of the now-defunct Showboat Atlantic City casino property, saying an unresolved land use-restricting pact spiked its plans for a new branch.

  • May 26, 2015

    High Court Passes On Casino Site Jurisdictional Challenge

    The U.S. Supreme Court on Tuesday declined review of a California appeals court’s holding that a 2000 federal statute granting the Federated Indians of the Graton Rancheria federal recognition divested the state's historic territorial jurisdiction over their Sonoma County casino site.

Expert Analysis

  • Sign Of Courts' Growing Impatience With Procedural Errors

    Bruce P. Merenstein

    The Third Circuit decision in Lehman Brothers Holdings Inc. v. Gateway Funding Diversified Mortgage Services LP — and some strong words from the court in its opinion — have raised concerns that the court may be becoming more rigid in its application of procedural rules, and signals that federal appellate courts may be losing patience with procedural errors, say Carl Solano and Bruce Merenstein of Schnader Harrison Segal & Lewis LLP.

  • NY Handicap Icon May Empower Plaintiffs Under ADA

    John W. Egan

    The symbolism underlying the design of the "accessible" icon that New York adopted is unquestionably positive. However, it has created uncertainty for public accommodations that must comply with both federal and state law and may be fodder for opportunistic plaintiffs' attorneys who intend to file accessibility claims under the Americans with Disabilities Act in the future, says John Egan of Seyfarth Shaw LLP.

  • 47 Years Of The Fair Housing Act: Where We Stand

    Scott Badami

    Last month marked the 47th year since the passage of the federal Fair Housing Act and it remains important for professional apartment management to know about fair housing priorities at both the U.S. Department of Justice and the U.S. Department of Housing and Urban Development — particularly when recent national events have raised the profile of racial divisions in our country, says Scott Badami of Fox Rothschild LLP.

  • The Spin And Substance Surrounding NY's Brownfields

    Richard G. Leland

    The principal implication of the latest reforms to New York’s Brownfield Cleanup Program is that the state will continue to struggle with the inherent conflict between the needs to redevelop contaminated sites and to conserve resources — not to mention the political spin that subsidizing development in New York City during an apparent real estate boom is a giveaway to developers, says Richard Leland of Fried Frank Harris Shriver & Jacobson LLP.

  • The New Rules Of Condo Construction Financing In Florida

    Rebecca Abrams Sarelson

    Developers in today’s South Florida condominium market need to convince their investors to accept a more hands-off approach as major decisions for which investors could traditionally exert control are now subject to the lender’s consent. In addition, many lenders have taken the position that routine bankruptcy-remote safeguards are no longer sufficient, says Rebecca Abrams Sarelson of Arnstein & Lehr LLP.

  • 5 Tips To Up Insurance Cost Recovery In Foreclosure Actions

    Micah Skidmore

    While the worst of the housing crisis may be over, a significant number of existing foreclosures remain and new foreclosures continue apace. For those mortgagees seeking coverage for the cost of defending borrower counterclaims in judicial foreclosure actions, here are five tips to maximize recovery from lender title insurance, says Micah Skidmore of Haynes & Boone LLP.

  • Attorneys Play Vital Role In Structured Settlement Annuities

    Joseph Barnet

    An overall lack of understanding continues to restrict growth in the structured settlement arena. With expanded awareness among attorneys, judges, mediators and legislators, more physical injury and wrongful death claimants might experience the many benefits structured settlements have to offer, says Joseph Barnet, vice president and head of Prudential Structured Settlements.

  • Using Constructive Eviction To End Fla. Commercial Leases

    Oscar Rivera

    A recent ruling in the Fourth District Court of Appeal of the State of Florida serves as a telling reminder for commercial real estate tenants of the standards that must be met in order to justify their early termination of commercial leases based on the theory of constructive eviction, says Oscar Rivera of Siegfried Rivera Hyman Lerner De La Torre Mars & Sobel PA.

  • Be Aware Of Spousal Guaranties In Pa. Entireties Properties

    Tyler S. Dischinger

    Property held in an entireties estate is held by each spouse in the whole, so neither spouse can unilaterally sever the estate. By extension, such property is generally protected from execution by creditors of one of the spouses. This concept can become particularly interesting — and troublesome, from the perspective of creditors — when spousal guaranties are involved, say George Cass and Tyler Dischinger of Buchanan Ingersoll & Rooney PC.

  • Consider 5 Things Before Choosing An E-Discovery Provider

    Barry O’Melia

    There has been a rapid and robust growth in the number of companies offering electronically stored information collection, management and processing services. But a recent survey indicated that not all service providers offer the level of expertise needed in today’s world of big data, the cloud and mobile devices, says Barry O’Melia, chief operations officer at Digital WarRoom.