Dynex Must Pay $27M For Breaching Development Loan Deal
By Jess Krochtengel (February 14, 2013, 8:27 PM EST) -- A Texas appeals court on Wednesday found real estate trust Dynex Capital Inc. and a subsidiary must pay more than $27 million to Transcontinental Realty Investors Inc. and American Realty Trust Inc. for breaching a $160 million loan commitment planned for commercial investment.
The Dallas Court of Appeals held there was enough evidence to support a jury's finding that Dynex, along with subsidiary Dynex Commercial Inc., breached the agreement funding the purchase and development of three commercial buildings in New Orleans by cutting off funding halfway into the commitment term after market interests rose. The appeals court remanded the case to...
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