Real Estate

  • May 21, 2015

    Texas Court Won't Rehear Valero Refinery Appraisal Appeal

    A Texas appeals court on Thursday denied a request by Valero Energy Corp. to rehear a March decision that a jury improperly reduced a $527 million appraised value assigned to the company's Texas City refinery in determining its equal and uniform value.

  • May 21, 2015

    Internet Co. Ducks NY Franchise Tax, But Property Co. Owes

    The New York State Department of Taxation and Finance released two separate tax advisory opinions on Thursday, holding a property-buying company liable for additional franchise tax before its dissolution but letting an Internet provider off the hook for the same tax over its voice-over Internet protocol bundle services.

  • May 21, 2015

    Real Estate Rumor Mill: Blackstone, Goldman, Raymour

    Blackstone is said to be seeking roughly $525 million for the top 12 floors of a Manhattan tower, while Goldman has reportedly sold 149 hotels to Moody National REIT for $1.73 billion and Raymour & Flanigan is said to have inked a deal for 40,000 square feet of space in Harlem.

  • May 21, 2015

    Shumaker Loop, Calfee Halter Steer REIT's $750M Notes Offer

    Shumaker Loop & Kendrick LLP is representing Health Care REIT Inc. in its $750 million notes offering, a deal the real estate investment trust priced Wednesday with Calfee Halter & Griswold LLP counseling the underwriters.

  • May 21, 2015

    Wells Fargo Says $30M Foreclosure Suit Jumps The Gun

    Wells Fargo & Co. asked a Georgia federal judge Wednesday to dismiss a $30 million lawsuit alleging it has reneged on a mortgage forbearance agreement, arguing all damages were speculative and that bankruptcy proceedings would have prevented it from foreclosing regardless.

  • May 21, 2015

    6th Circ. Says Ohio Can't Lease Reservoir Land To Coal Co.

    The Sixth Circuit ruled Thursday that the state of Ohio had no authority to lease coal rights under land acquired for a reservoir and dam built by the U.S. Army Corps of Engineers, reversing a district court’s finding that Ohio could grant the lease without the Corps’ approval.

  • May 21, 2015

    La. Parish Sues Army Corps For $2M In Katrina Levee Repair

    A Louisiana parish sued the U.S. Army Corps of Engineers in federal claims court on Wednesday, seeking reimbursement for a $2 million judgment against it after the Corps allegedly reneged on a promise to pay landowners for soil the parish seized to repair the Corps-maintained levees breached following Hurricane Katrina.

  • May 21, 2015

    NJ Man Gets 7 Yrs For Role In $15M Mortgage Fraud Scheme

    A New Jersey federal judge on Thursday sentenced a man who had pled guilty to conspiring to defraud financial institutions and launder stolen funds as part of a $15 million mortgage scheme to profit off of overbuilt condos to seven years in prison, the Department of Justice announced.

  • May 21, 2015

    Chicago Title Can't Ax Golf Course Investors' Suit In Appeal

    A New York appeals court upheld a lower court's ruling against Chicago Title Insurance Co. on Thursday in a suit by investors who want the insurer to cover damages from an allegedly undisclosed limitation on building housing around a golf course.

  • May 21, 2015

    Obama's GHG Guidance For Agencies Leaves Attys Skeptical

    Guidance proposed by the Obama administration to assist federal agencies with factoring greenhouse gas emissions into National Environmental Policy Act reviews is likely to fuel confusion and litigation if not significantly revised in its final form, experts say.

  • May 21, 2015

    Fox Rothschild Adds Two Partners To Its Windy City Office

    Fox Rothschild LLP has added two partners to its expanding Chicago office, one in its bankruptcy and litigation departments and another in its real estate department, the firm said Thursday.

  • May 21, 2015

    Pa. High Court Urged To Allow Town To Tax Landlords

    A suburban Philadelphia town urged the Pennsylvania Supreme Court in a brief on Wednesday to overturn a decision barring it from imposing a business privilege tax on the rental income of landlords.

  • May 21, 2015

    Senate Panel Passes Bank Reg Relief Bill On Party-Line Vote

    A bill that would bring changes to the financial regulatory system passed out of the Senate Banking Committee on Thursday with only Republican support, but Democrats indicated some areas where they may be able to find common ground as negotiations continue.

  • May 21, 2015

    Burr & Forman Nabs Ex-Roetzel & Andress Banking Partner

    Burr & Forman LLP has recruited a former Roetzel & Andress partner experienced in advising banks and private equity clients on commercial real estate and asset-based lending matters to bolster its banking and real estate group in Fort Lauderdale, Florida, the firm announced Thursday.

  • May 21, 2015

    Carter Validus REIT Drops $117M On 20 Medical Buildings

    Carter Validus Mission Critical REIT has purchased a 20-building radiation oncology real estate portfolio leased to affiliates of 21st Century Oncology Inc. for $117 million, the Florida-based real estate investment trust said Wednesday.

  • May 21, 2015

    Broad Chinese Investor Base Complicating Real Estate Deals

    As the pool of Chinese investors in U.S. real estate continues to expand to more and more non-real estate companies, deals involving such investors are becoming increasingly complex because many buyers with little real estate experience are making their first foray into the U.S. market, lawyers say.

  • May 21, 2015

    Pa. Justices Turn Down Appeal Over Privilege For Defunct Cos

    The Pennsylvania Supreme Court on Wednesday declined to hear an appeal of a decision finding that attorney-client privilege could not be used to shield the former in-house counsel of a defunct real estate firm from turning over documents in an ongoing contract dispute over unpaid invoices.

  • May 21, 2015

    Time To Veer Away From Multifamily, Terra Capital CEO Says

    The multifamily market may be real estate's shining star at the moment — commanding top prices and promising stable returns — but the asset class has lost its luster for Terra Capital Partners CEO Bruce Batkin, who warned in a recent Law360 interview that multifamily may actually be one of the riskier investments a lender can make these days.

  • May 21, 2015

    Baker Donelson Leads Community Healthcare In $119M IPO

    Tennessee-based Community Healthcare Trust Inc., led by Baker Donelson Bearman Caldwell & Berkowitz PC, drew $118.7 million in its initial public offering and listed on the New York Stock Exchange on Thursday, as the health care facility-focused real estate investment trust looks to snap up its initial portfolio of properties.

  • May 20, 2015

    NY Fights Bank Subpoenas In Ocwen Loan Mod Suit

    A Texas federal judge on Wednesday allowed the New York State Department of Financial Services to intervene to fend off subpoenas for bank examinations in a suit alleging Ocwen Loan Servicing LLC provided false information on applications for a federal loan modification program.

Expert Analysis

  • 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.

  • The Underline’s Bottom Line: Urban Renewal In Miami

    Carly Grimm

    As the last slivers of Miami's waterfront properties are developed, the Underline, which aims to transform the underutilized land below the county’s Metrorail line into a landmark system of urban trails and linear parks, may prove to be the region's next hot corridor for private investment. Developers and business owners are sure to capitalize on what promises to be a world-class amenity, say Albert Dotson and Carly Grimm at Bilzin Sumberg LLP.

  • Court-Appointed Experts — A Powerful But Rarely Used Tool

    Philip Woo

    The Tessera Inc. patent case highlights a useful procedure seldom used in the federal court system — Federal Rule of Evidence 706, which allows for a court-appointed expert. But Rule 706 provides little guidance on when to use such an expert, how to select one or how to work with one. Here are some tips, say Philip Woo and Nathan Greenblatt of Sidley Austin LLP.

  • Making The Calif. Assumption Of Risk Doctrine Work For You

    Julian Pardo de Zela

    In many scenarios in California, a well-fashioned release will bar a plaintiff’s claim for personal injuries. Where it does not, the expansion of the primary assumption of risk doctrine to nonrecreational activities may supply a secondary defense for owners or occupiers of land. But landowners and occupiers must resist the temptation for complacency, says Julian Pardo de Zela of Ropers Majeski Kohn & Bentley PC.