Real Estate

  • October 24, 2014

    Fannie Mae Pays $170M To Clear Investors' Subprime Suit

    Fannie Mae has agreed to pay $170 million to shareholders to settle a consolidated class action alleging the federal mortgage giant misrepresented its exposure to subprime loans in the runup to the 2008 mortgage crisis, according to documents filed in New York federal court Friday.

  • October 24, 2014

    JPMorgan Derivative Suit Over RMBS Practices Gets Quashed

    A California federal judge on Thursday dismissed a shareholder derivative lawsuit against the top brass at JPMorgan Chase & Co. over the bank’s residential mortgage-backed securities business that led to a $13 billion settlement with the government, saying the plaintiffs haven’t properly pled claims of false statements and self-dealing.

  • October 24, 2014

    NJ High Court Will Review $3.2M National Union Decision

    The New Jersey Supreme Court agreed Friday to review a state appeals court’s decision finding that National Union Fire Insurance Co. of Pittsburgh didn’t have to cover a $3.2 million settlement on behalf of a policyholder that allegedly mishandled a church and day care center’s real estate loan.

  • October 24, 2014

    Starwood, Sankaty Snap Up €800M Spanish Loan Portfolio

    Starwood Capital Group and Sankaty Advisors LLC, the credit arm of private equity firm Bain Capital LLC, have acquired a portfolio of Spanish hotel and corporate loans with a par value of €800 million ($1 billion) from BFA-Bankia Group, they said Friday.

  • October 24, 2014

    Google Pays $585M For Several Silicon Valley Buildings

    Google Inc. has purchased several buildings at the Pacific Shores Center in Redwood City, California, from The Blackstone Group LP and Starwood Capital Group LLC for $585 million, according to a regulatory filing and spokespersons from two of the companies.

  • October 24, 2014

    $370M Austin Hotel Secures Colony Capital Financing

    Colony Capital LLC has provided a key financing package for a proposed $370 million convention center hotel in Texas, paving the way for construction to begin on the Fairmont Hotels & Resorts-flagged project next month, the companies announced Friday.

  • October 24, 2014

    RE Rumor Mill: Google, Hines, Keller Williams

    Google Inc. is said to have bought a $585 million portfolio of Silicon Valley-area office buildings, while a Hines joint venture in Italy is reportedly raising $380 million to renovate two Venice hotels and Keller Williams NYC is said to have scooped up a brokerage boutique with a hefty Manhattan rental building portfolio.

  • October 24, 2014

    Porter Hedges Opens Okla. City Office With Energy Pro

    Houston-based Porter Hedges LLP expanded its energy practice this week with the opening of a new Oklahoma City office led by a former Commercial Law Group PC managing partner with expertise in M&A, real estate and finance.

  • October 24, 2014

    American RE, Investcorp Sink $176M Into DC-Area Complex

    American Real Estate Partners and Investcorp said Friday that they will jointly acquire for $176 million a four-building office complex outside Washington, D.C., in an area that analysts say is experiencing strong private sector job growth.

  • October 24, 2014

    Homeowners Slam Wells Fargo's $281M Force-Placed Deal

    Disgruntled class members on Thursday challenged a purported $281 million settlement reached by Wells Fargo Bank NA and Assurant Inc. in a suit over their force-placed insurance practices, saying it is unclear how much of the money will actually reach affected homeowners.

  • October 24, 2014

    REIT Picks Up Atlanta-Area Apartments For $98.5M

    A Steadfast Apartment REIT subsidiary has picked up a large garden-style apartment complex outside of Atlanta for $98.5 million and plans to renovate the properties, a Friday U.S. Securities and Exchange Commission filing shows.

  • October 23, 2014

    Glaser Weil Slams ‘Bizarre’ $28M Malpractice Bid As ‘Vendetta’

    Glaser Weil Fink Howard Avchen & Shapiro LLP urged a California appellate panel Thursday to end a $27.5 million malpractice suit brought by owners of San Diego's Seaport Village, saying a longtime courtroom adversary recently gained control of the tourist spot and filed the “bizarre” lawsuit as part of a “vendetta.”

  • October 23, 2014

    Funds Dissatisfied With Simon Property CEO's Pay Revision

    Two pension funds launched another challenge to Simon Property Group CEO David Simon's pay in a derivative lawsuit unsealed late Wednesday, arguing revisions to his compensation made in the midst of a prior Delaware Chancery Court fight weren’t good enough and could hand him more than $150 million.

  • October 23, 2014

    BakerHostetler Avoids DQ From $230M Tax Fraud Case

    A New York federal judge said Thursday he would not disqualify BakerHostetler from representing defendants in a $230 million tax fraud suit, rejecting claims that the firm had a conflict of interest with a potential U.S. government witness.

  • October 23, 2014

    Alabama Hotel Project A Misuse Of BP Funds, Suit Alleges

    A Louisiana environmental group filed a complaint in D.C. federal court on Thursday alleging that the U.S. Environmental Protection Agency and three government departments wrongly diverted $58.5 million meant to remedy damage from the Deepwater Horizon oil spill to help build a convention center and hotel on the Alabama coast.

  • October 23, 2014

    Old Mutual, Henderson Combine RE Funds Into $4.3B Vehicle

    U.K. asset manager Old Mutual Global Investors said on Thursday that it will merge its Old Mutual Property Fund with Henderson Global Investors' Henderson UK Property OEIC fund, creating a combined £2.7 billion ($4.3 billion) real estate investment powerhouse.

  • October 23, 2014

    REIT Acadia Pays $56M For Queens Retail Center

    AEW Capital Management LP has sold the Shops at Grand Avenue in Queens, New York, to real estate investment trust Acadia Realty Trust for $56 million, according to New York property records filed Thursday.

  • October 23, 2014

    Market Rumors: China Grand Auto, ACS, TLG Immobilien

    TPG-backed China Grand Auto slammed the breaks on its $800 million Hong Kong listing, while Spanish builder ACS also delayed plans to list its $4 billion package of renewable energy assets.

  • October 23, 2014

    Dinsmore & Shohl's Move Triples Its Chicago Space

    Dinsmore & Shohl LLP has more than tripled its office space in Chicago by relocating to West Monroe Street, a move the firm characterized as bucking the legal trend of downsizing, Dinsmore said on Wednesday.

  • October 23, 2014

    Calif. Housing Recovery Is Bubble-Free, Commissioner Says

    California's real estate market, while steadily rebounding, is not in a bubble, state Real Estate Commissioner Wayne S. Bell told Law360 in an interview that covered the upswing in residential development around the state as well as increased fraud activity, particularly among timeshare properties.

Expert Analysis

  • Economic Impact On Mortgage Lenders From Strip-Off Law

    Ilyse M. Homer

    Recent circuit court case law allowing “Chapter 20” debtors to strip off valueless junior liens on their homes may result in mortgage lenders having their junior-lien rights eviscerated, rendering them general unsecured creditors with no recourse to the collateral securing their indebtedness, say Paul Avron and Ilyse Homer of Berger Singerman LLP.

  • Oregon Spotted Frog Listing Will Have Wide-Ranging Impact

    Myles A. Conway

    The “threatened” listing of the Oregon spotted frog will affect water storage and diversion regulations, development activity and agricultural practices in several Oregon and Washington counties. In the implementation of this listing, federal regulators will need to balance the needs of the spotted frog with competing legal requirements that provide for the protection of other federally listed species, says Myles Conway of Marten Law PLLC.

  • The Scarlet Letter Of Self-Stigmatized Property

    James M. Sabovich

    To the extent that homeowners or their lawyers attempt to further drive down real estate prices of contaminated property — and drive up recoverable damages — it is a double-edged sword. If successful, they will increase recovery and attendant contingency fees. If they fail, they may leave an owner with self-stigmatized property, say lawyers with Gibson Dunn & Crutcher LLP.

  • Florida Decision Protects Lien Rights For Contractors

    Jason Kellogg

    A recent state appellate court decision reinforces the lien rights of Florida’s contractors, subcontractors and suppliers by limiting the ability of developers to employ creative means to avoid those liens — likely stabilizing the market for payment bonds and deterring increased litigation between contractors and their sureties, says Jason Kellogg of Levine Kellogg Lehman Schneider & Grossman LLP.

  • New Jurisdictional Issues When Moving To Quash A Subpoena

    Steven Luxton

    The Nevada federal court's recent ruling in Agincourt Gaming LLC v. Zynga Inc. is an important reminder that a nonparty wanting to challenge a civil subpoena should consider carefully the appropriate jurisdiction in which to file a motion to quash under recently enacted Rule 45, say Steven Luxton and Brad Nes of Morgan Lewis & Bockius LLP.

  • The Cayman Way Of Identifying, Enforcing Against Assets

    Christopher Russell

    Identifying Cayman Islands-held assets of a defendant or proposed defendant is something of a mixed bag — straightforward in some respects, but difficult, bordering on the impossible, in other respects, say Christopher Russell and Jane Hale-Smith of Appleby Global Group Services Ltd.

  • Texas Clears Path For Property Damage Calculations

    Bryan D. Rohm

    In Wheeler v. Enbridge Pipelines, the Texas Supreme Court provided guidance to midstream companies on the proper calculation of damages to real property stemming from the breach of a pipeline right-of-way agreement — a decision that has implications well beyond the oil and gas industry, say attorneys with K&L Gates LLP.

  • In Zoning Due Diligence, Creative Interpretation Is Key

    Frank E. Chaney

    It is a given that zoning should be a part of every developer’s due diligence. The question is, though, how much zoning analysis is enough and who should provide it, says Frank Chaney of Rosenberg & Estis PC.

  • What Litigators Can Learn From Novelists

    Michael H. Rubin

    Many legal briefs are written in impenetrable jargon and begin with an introduction telling the court what it already knows, using words that stem from the 18th century, such as “hereinafter.” Instead, we should approach briefs the way novelists approach their writing, says Michael Rubin of McGlinchey Stafford PLLC.

  • When Your General Contractor Files Bankruptcy

    Vicki R. Harding

    All is not lost when a general contractor files bankruptcy — subcontractors may be able to perfect their construction liens post-petition, as in the case of Branch Banking & Trust Co. v. Construction Supervision Services Inc., says Vicki Harding of Pepper Hamilton LLP.