FiveStar, IStar Settle Dispute Over $112M Resort Loan

Law360, New York (February 5, 2013, 7:57 PM ET) -- Five Star Development Resort Communities LLC and lender iStar RC Paradise Valley have settled a long-running and far-ranging dispute over a defaulted $112 million loan for an Arizona Ritz-Carlton complex, and had one of their five lawsuits tossed Tuesday.

U.S. District Judge Laura T. Swain signed off on a Jan. 31 agreement, dismissing one of two New York federal suits with prejudice and releasing $13.3 million held in escrow to iStar on Tuesday. FiveStar has agreed to pay an undisclosed amount to iStar by July and...
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