Real Estate

  • July 1, 2015

    $3.5B Bahamas Resort Gets Interim Nod For $80M DIP

    Unfinished Bahamas resort complex Baha Mar got the blessing of a Delaware bankruptcy judge Wednesday for a slate of first-day motions, including preliminary approval of an $80 million financing package, designed to carry the ambitious $3.5 billion project through its final stages.

  • July 1, 2015

    Straub Sues Stockton University Over Showboat Dispute

    As the clock ticks toward the would-be $26 million sale of shuttered Showboat Atlantic City, embattled casino buyer Glenn Straub has taken seller Stockton University to state court over confusion on whether the boardwalk property can operate as a casino.

  • July 1, 2015

    Energy Group, Tribe Seek To Vacate Mineral Leasing Rule

    An energy industry group and an Osage Nation agency told an Oklahoma federal court to set aside a Bureau of Indian Affairs final rule governing oil and gas mining on the tribe's reservation, saying the rule is arbitrary, overbroad and was created without considering costs.

  • July 1, 2015

    DOI Wants Chickasaw, Choctaw Trust Land Claims Tossed

    The federal government urged an Oklahoma federal court Tuesday to toss a complaint brought by the Chickasaw Nation and Choctaw Nation alleging the government failed in its responsibility to protect the tribes’ trust land, saying a trial wasn’t needed because the court lacked jurisdiction over the case.

  • July 1, 2015

    Goldman Sachs Can't Escape Suit Over $73M RMBS Sale

    A New York state judge on Monday kept intact most of IKB Deutsche Industriebank AG's lawsuit against Goldman Sachs Group Inc. in connection with massive losses suffered by the German lender following its purchase of $73.2 million in residential mortgage-backed securities, finding the case to be timely.

  • July 1, 2015

    SEC Hasn't Shown CMBS Fraud by S&P Or Exec, Judge Says

    A U.S. Securities and Exchange Commission administrative law judge denied an early attempt to push through mortgage-backed securities fraud claims against former Standard & Poor’s ratings services executive Barbara Duka, saying Wednesday the regulator hadn’t shown that the ratings agency did anything wrong, let alone Duka.

  • July 1, 2015

    Gunster Opens 2nd Orlando-Area Office With 5-Atty Team

    Gunster is expanding in the Orlando, Florida, area by adding five-attorney business boutique firm Pohl & Short PA in Winter Park, where they will continue to focus on commercial litigation, real estate, corporate and tax and estate planning, the firm announced Wednesday.

  • July 1, 2015

    Duane Morris Adds McKenna Trio With RE, Trial Focus In SF

    Duane Morris LLP on Wednesday announced it has hired a trio of McKenna Long & Aldridge LLP attorneys to bring expertise in trial practice and real estate, employment and insurance law to the firm’s San Francisco office and bolster the its corporate finance capabilities in the city.

  • July 1, 2015

    Washington Redskins Not Likely To Get New DC Stadium

    The Washington Redskins will likely not a get a new stadium in Washington, D.C., because the Obama administration objects to the team’s name, according to statements made by Secretary of the Interior Sally Jewell.

  • July 1, 2015

    Citi, BofA Mortgage Settlements To Fund NY Housing Units

    New York Attorney General Eric T. Schneiderman announced Wednesday plans to provide nearly 3,800 affordable rental units with funding from Citigroup Inc. and Bank of America Corp. as part of multimillion-dollar settlements with the banks for misrepresentations about mortgage-backed securities.

  • July 1, 2015

    4th Circ. Revives Baltimore Casino Pollution Suit

    The Fourth Circuit on Wednesday revived a lawsuit alleging the city of Baltimore, developers and operators of the Horseshoe Casino failed to prevent hazardous materials and contaminated groundwater from seeping from the casino’s construction site into the nearby waterfront area.

  • July 1, 2015

    Real Estate Rumor Mill: Whirlpool, Carlyle, Related Group

    Whirlpool has reportedly signed for 752,000 square feet outside of Chicago, while Carlyle Group and Flank are said to have received a $175 million loan for a Brooklyn condo project, and a Related Group affiliate has reportedly scored $117.5 million in financing for a Miami condo project.

  • July 1, 2015

    SEC Fines AlphaBridge Capital $5M Over Inflated MBS Prices

    The U.S. Securities and Exchange Commission on Wednesday fined hedge fund advisory firm AlphaBridge Capital Management LLC and its owners $5 million for allegedly inflating the price of mortgage-backed securities to reap higher fees.

  • July 1, 2015

    NY High Court Nixes Tax Break For Not-For-Profit Owned Co.

    The New York City Tax Commission did not wrongly revoke a not-for-profit owned parking company’s real property tax break since the operation was not essential to a broader charitable purpose, the New York Court of Appeals said Wednesday.

  • July 1, 2015

    Real Estate Moguls On The Move

    June saw a number of C-suite changes at real estate firms, including Cresa and Mack-Cali Realty Corp., while Blackstone Group LP nabbed Deutsche Bank AG’s commercial real estate head and American Realty Capital Properties Inc. brought in a new general counsel as it continues to deal with the fallout from accounting irregularities discovered last year.

  • July 1, 2015

    Philly Landowner Sued For Alleged Changes On $18M Sale

    Developer Bart Blatstein sued the owner of a Philadelphia site where he has been linked to a major retail and residential complex in state court on Tuesday, contending that it improperly moved up the closing date on an $18 million sale of the property.

  • July 1, 2015

    Ala. Tribe Can Use Carcieri Arguments In Tax Row, Judge Says

    A federal judge on Wednesday nixed a bid by an Alabama county assessor, accused by the Poarch Band of Creek Indians of improperly taxing trust lands where the tribe operates a casino, to strike the tribe’s arguments relating to the U.S. Supreme Court’s landmark Carcieri decision.

  • July 1, 2015

    Ex-NFLer Says BofA Can't Duck Investment Fraud Suit

    Former NFL player Dwight Freeney on Tuesday blasted Bank of America Corp.’s bid to toss his California racketeering suit alleging bank insiders steered him toward a fraudulent investment scheme run by since-convicted Florida real estate developer Michael A. Stern, insisting his suit is properly pled.

  • July 1, 2015

    Macy's Ditches Trump After Mexican Immigrant Remarks

    Macy’s Inc. on Wednesday became the latest company to shun products associated with Donald Trump, pulling his menswear collection from its stores after the real estate mogul and presidential hopeful said Mexican immigrants bring drugs and crime to the U.S. and are “rapists.”

  • July 1, 2015

    Mont. Judge Dismisses Gov't From Tribal Water Rights Suit

    A Montana federal judge on Tuesday ruled that members of the Crow Nation can't sue the federal government for allegedly denying them a fair share of water rights on the tribe’s reservation, concluding that the government hadn't waived its sovereign immunity.

Expert Analysis

  • HOA Superpriority Litigation Intensifies In Nevada

    Robin Perkins

    For the last three years, Nevada lenders and homeowners’ associations have been battling over the interpretation of Nevada’s version of the Uniform Common Interest Ownership Act, which provides a limited superpriority lien for HOAs to recover past due assessments. Senate Bill 306 — which substantially revised the statute and these new provisions — will likely diminish investor interest in the HOA foreclosure market, say attorneys a... (continued)

  • Don't Discount Disparate Impact After High Court Case

    Michael B. Mierzewski

    The implications of the U.S. Supreme Court's ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project Inc. extends beyond the primary mortgage lending and insurance industries. The ruling almost certainly will embolden private plaintiffs and government agencies to assert claims of disparate impact discrimination, say attorneys at Arnold & Porter LLP.

  • Hot Environmental Issues In Real Estate Transactions

    Susan P. Phillips

    Since its inception in the 1970s, environmental law with respect to real estate has evolved as our understanding of how contaminants impact human health and the environment has changed. Several areas are important to consider in property transfer or financing transactions, say Katy Ward and Susan Phillips of Mintz Levin Cohn Ferris Glovsky and Popeo PC.

  • Controversy Remains In Fla.'s Construction Defect Law

    Jeffrey S. Wertman

    The 2015 amendments to Florida’s construction defect law — while not the dramatic legislative victory sought by the construction industry — contain important refinements to the existing law, even though some of the new requirements remain controversial, says Jeffrey Wertman of Berger Singerman LLP.

  • The Top 3 New Do’s And Don’ts For Law Firm Websites

    Stephan Roussan

    In legal marketing circles, there are few topics peddled about more than “hot tips” for improving your law firm’s website. Google it. You’ll find more advice than you could ever digest. However, there are larger trends in technology, culture and user behavior that are impacting firms in very significant ways and are not being talked about nearly as much as they should be, says Stephan Roussan, founder of consulting and web developm... (continued)

  • A Lesson In Personal Liability For NY Insurance Brokers

    Sara Ward Mazzolla

    In Lido Beach Towers v. Denis A. Miller Agency Inc. the New York state appeals court affirmed a lower court’s order dismissing all claims of negligence, breach of contract and cross-claims against the individual insurance broker, demonstrating that under certain circumstances an argument based on agency principles may relieve a broker from personal liability for the alleged acts of his principal, says Sara Ward Mazzolla at Bressler... (continued)

  • It's Mid-2015 — The Repurchase Demands Continue

    Robert M. Siegel

    It is troubling, but sadly not surprising, that big bank aggregators that entered into global settlements over mortgage repurchase claims with Fannie Mae and Freddie Mac have of late been making repurchase demands upon mortgage originators. Let’s identify this practice for what it is — a shameless attempt by the aggregator to make a tidy profit, say Robert Siegel and Philip Stein of Bilzin Sumberg Baena Price & Axelrod LLP.

  • Drone Use In Fla. Real Estate: Tricky But Not Impossible

    Josias Dewey

    On July 1, 2015, a new law will become effective. The law is an attempt by the Florida Legislature to address privacy concerns raised by the use of drones. The important question, says Josias Dewey at Holland & Knight LLP, is what this law means for legitimate businesses that can benefit from drone technology, such as surveyors, construction companies and others in the real estate industry.

  • REBUTTAL: Flood Insurance Is Different For Businesses

    Michael Levine

    Prolonged and torrential rains have caused widespread flooding in Texas, Oklahoma and surrounding areas. Contrary to arguments made in a recent Law360 guest article, business owners may not be subject to the same stringent limitations on coverage faced by homeowners, say Michael Levine and Jennifer White of Hunton & Williams LLP.

  • Calif. Affordable Housing Now Focused On Community Welfare

    Bryan W. Wenter

    The Supreme Court of California has recently unanimously upheld the City of San Jose’s affordable housing ordinance. As long as any similar ordinances are crafted to promote the health, safety and welfare of the community and not to address the alleged adverse impacts of new development and the need for affordable housing, the odds of successful legal challenge will be long, say Bryan Wenter and Ronny Clausner of Miller Starr Regalia.