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Real Estate
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March 27, 2012
CFPB Backs Wider Window For Home Loan Cancellation
The U.S. Consumer Financial Protection Bureau urged the Tenth Circuit on Tuesday to back the right of borrowers to sue their banks to cancel mortgage loans beyond a three-year window in a case that could reverberate in mortgage disputes around the country.
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March 27, 2012
Five Mile Capital Tries To Stave Off Chicago Hotel Sale
Investment firm Five Mile Capital Partners LLC sued a Pennsylvania-based special servicing firm Monday in Illinois court, accusing it of improperly fast-tracking the sale of a foreclosed, Chicago-area hotel property without considering the rights of junior debtholders like Five Mile.
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March 27, 2012
Highgate To Build 37-Story Hilton In NY Theater District
Hotel manager Highgate Holdings Inc. has begun developing a 282-room Hilton Garden Inn on West 42nd Street in Manhattan with plans to complete construction and sell the hotel to DiamondRock Hospitality Co. for $128 million by early 2014, a person close to the matter said Tuesday.
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March 27, 2012
Carlyle Loses Out On $3B London Market Redevelopment
Beating out a rival bid from a team including private equity giant The Carlyle Group, a U.K. real estate developer and French construction firm have snagged a £2 billion ($3.2 billion) contract to redevelop London's New Covent Garden Market and build 2,800 new homes nearby, the companies announced Tuesday.
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March 27, 2012
Five Star, IStar Can't Quell Feud Over $112M Ritz Carlton Loan
A New York federal judge on Monday threw out dueling motions to dismiss a suit and countersuit between Five Star Development Resort Communities LLC and iStar RC Paradise Valley, which are fighting over a $112 million development loan agreement for an Arizona Ritz Carlton project.
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March 26, 2012
Deutsche Bank To Pay $33M To End Union Funds' RMBS Suit
Deutsche Bank AG affiliates have agreed to pay $32.5 million to settle a putative class action brought by two union retirement funds over losses from allegedly misrepresented mortgage-backed securities, the plaintiffs told a New York federal court Monday.
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March 26, 2012
Revel Wins License For $2.4B Atlantic City Casino Resort
A New Jersey casino regulator on Monday voted to license Revel Entertainment Group LLC one week before its $2.4 billion casino hotel opens in Atlantic City and about two years after Morgan Stanley decided to bail on the project.
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March 26, 2012
Carrols Inks Whopper Of A Deal To Buy 278 Burger Kings
Leading Burger King Corp. franchisee Carrols Restaurant Group Inc. inked an agreement Monday that nearly doubles the number of Burger King fast food restaurants it controls and gives the fast-food giant a nearly 30 percent stake in Carrols.
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March 26, 2012
LA City Council Wants Retail Chains Shut Out Of Chinatown
The Los Angeles City Council voted unanimously Friday to support an ordinance that would prohibit major retail chains from setting up shop in the city's Chinatown neighborhood, a day after Wal-Mart Stores Inc. was issued a permit to open a 33,000-square-foot store there.
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March 26, 2012
NYC Certifies Lower East Side Mixed-Use Project Plan
A massive mixed-use development plan for nine city-owned plots on the Lower East Side of Manhattan took the first step towards city approval when it was certified by the New York City Planning Commission at a review session Monday.
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March 26, 2012
Deutsche Bank Wasn't Cleared To Foreclose In Ark., Suit Says
Deutsche Bank National Trust Co. was hit Thursday with a proposed class action in Arkansas seeking a declaration that the bank wasn't authorized to operate in the state when it foreclosed on homes and transferred their titles in 2010.
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March 26, 2012
Haynes And Boone Picks Up K&L Gates Real Estate Partner
A former K&L Gates LLP partner has joined the Dallas office of Haynes and Boone LLP as a partner in its real estate practice group, the firm announced Monday.
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March 26, 2012
Katten Caps Q1 Real Estate Moves With Greenberg Hires
Katten Muchin Rosenman LLP has rounded out a busy quarter with two more recent additions to its real estate practice, beefing up its Los Angeles group with two Greenberg Traurig LLP attorneys who specialize in land use development and related litigation.
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March 26, 2012
Judge Certifies Class Against Coldwell in $55M Scam
A California federal judge Monday tentatively certified a class of investors who claim Coldwell Banker Real Estate Corp. let a disreputable real estate investment company leverage Coldwell’s reputation to sell $55 million in fake securities, saying declarations showed sales representatives repeatedly used Coldwell’s name.
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March 26, 2012
Trump Entities Claim Rights To Billionaire's Mansion
Subsidiaries of real estate mogul Donald Trump and his son Eric made a play Friday for a 23,000-square-foot Virginia mansion that belonged to billionaire divorcee Patricia Kluge and her ex-husband, media titan John Kluge, asking a federal judge to undo a recent sale that saw the mansion go to Bank of America NA for $15.3 million.
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March 26, 2012
BofA Sues La. Hotel Owners Over $35M Loan Default
Bank of America NA hit a Missouri-based hotel company with a $35 million lawsuit in Louisiana federal court Friday, alleging the company defaulted on a $43 million loan backed by a Shreveport, La., hotel property.
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March 23, 2012
Calif. High Court Refusal Could Limit CEQA Reviews
The California Supreme Court on Wednesday decided not to hear a case that upheld Los Angeles’ approval of a revised environmental impact report for Playa Capital Co. LLC’s development expansion in a move that could end up narrowing the scope of California Environmental Quality Act reviews.
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March 23, 2012
Ex-NBA Player Indicted For Running $2M Ponzi Scheme
A federal grand jury in New Jersey handed down an indictment on Friday accusing former professional basketball player Tate George of running a $2 million Ponzi scheme disguised as a real estate development firm.
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March 23, 2012
NYC Housing Official Cops To Taking $2.5M In Bribes
Senior New York City housing official Wendell Walters pled guilty Friday to taking bribes from developers and contractors to steer them work on affordable housing jobs, admitting he netted about $2.5 million in cash and property.
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March 23, 2012
SEC Says Wells Fargo Stonewalling Its $60B MBS Probe
An impatient U.S. Securities and Exchange Commission accused Wells Fargo & Co. on Friday of ignoring document requests in its probe of whether the bank duped investors about nearly $60 billion in risky mortgage-backed securities.