Commercial
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September 06, 2024
Honigman Adds Real Estate Partner From Goodwin Proctor
Honigman LLP said on Friday it has hired Christopher Mull, who previously worked as an associate at Goodwin Proctor LLP, as a partner in its real estate transactions practice group in Ann Arbor, Michigan.
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September 05, 2024
TikToker Conned Followers With Real Estate Fraud, Feds Say
A social media influencer faces criminal charges and a suit from the U.S. Securities and Exchange Commission after he allegedly made false claims to investors that money put into purported real estate projects would earn them passive income.
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September 05, 2024
SQRL Store Chain Landlords Want Out Of Ch. 11 Stay
The landlords of 30 SQRL fuel station and convenience store locations are urging a Texas federal bankruptcy court to allow them to avoid an automatic stay that they allege is blocking them from taking ownership of the SQRL locations for themselves.
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September 05, 2024
LA Developer Beats RICO Suit Over CEQA Fight At 9th Circ.
The Ninth Circuit affirmed Thursday a decision tossing a Hollywood hotel developer's $100 million racketeering suit against rival hotel developers, rejecting the plaintiff developer's allegations that its competitors had pursued "objectively baseless" sham California Environmental Quality Act litigation to extort the firm.
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September 05, 2024
Lowenstein Sandler Reps Applied Digital In $160M Financing
Applied Digital Corp., advised by Lowenstein Sandler LLP, will receive $160 million in private placement financing from technology company Nvidia and real estate firm Related Cos., the digital infrastructure developer said on Sept. 5.
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September 05, 2024
NJ To Offer Brownfield Tax Credits For Solar Projects
New Jersey will bolster its tax credits for its brownfields redevelopment incentive program and grant tax credits to solar energy projects built on closed landfills as part of a bill signed by Gov. Phil Murphy.
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September 05, 2024
Developers Selected For $900M Mixed-Use Project In DC
Washington, D.C., has picked a team of developers to work on a 202,758-square-foot land parcel that's part of the district's more than $900 million St. Elizabeth's East campus redevelopment, the city's mayor announced.
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September 05, 2024
Texas Real Estate Group Lands Veteran In-House Atty As GC
Austin, Texas-based real estate investment and development platform The Amherst Group has hired a new general counsel with 20 years of experience in real estate, including more than a decade of in-house work under his belt.
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September 05, 2024
EPA Unveils $151M Cleanup Plan For NJ Superfund Site
The U.S. Environmental Protection Agency announced Thursday a $151.1 million deal to cover the federal agency's past and future costs of cleanup at a New Jersey superfund site with high levels of lead contamination.
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September 04, 2024
Leech Tishman Combines With Calif. Firm Nelson Hardiman
Leech Tishman is set to add California-based healthcare and life science law firm Nelson Hardiman's 17 attorneys to its Los Angeles office this fall and will do business in the Golden State under the combined name Leech Tishman Nelson Hardiman, the firm announced Tuesday.
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September 04, 2024
4th Circ. Sets Legal Hemp Standard In THC Firing Case
A split Fourth Circuit panel on Wednesday set a standard for the legality of hemp products, although it still found that a real estate company worker claiming she was illegally fired for testing positive for a THC substance didn't back her disability bias claims.
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September 04, 2024
Turning Tides: Real Estate's Impending Insurance Crisis
Climate risk, once an abstract concept, is now a stark reality in the real estate industry as damage from stronger and more frequent weather events portends a drastic correction in the property insurance market. This new series explores state and local government efforts, shifting investor behavior, and home-buying trends as the climate-driven insurance crisis bubbles to the surface.
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September 04, 2024
Judge Says EB-5 Investors, Fund Must Disclose More Info
An Illinois federal judge told a group of Chinese investors and a development fund on Wednesday they both must provide additional information in a suit accusing the fund of making off with $13.2 million intended for the development of a Hawaii resort.
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September 04, 2024
Ohio Justices Affirm School Board's Right To Past Tax Appeal
An Ohio law that bars school boards from appealing certain valuation rulings from boards of revision doesn't apply to complaints that were pending when the restriction took effect in 2022, the state Supreme Court affirmed Wednesday.
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September 04, 2024
Steward Health Gets OK To Sell Mass. Hospitals For $343M
A Texas bankruptcy judge on Wednesday approved Steward Health Care's $343 million sale of six of its Massachusetts hospitals and new funding that will help the company keep its facilities in the Bay State operating.
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September 04, 2024
3 Firms Advise Lendlease On $315.5M For LA Complex
Real estate investment manager Barings and an affiliate of Counterpointe Sustainable Advisors contributed a $160 million construction loan and another $155.5 million for energy efficiency financing on a mixed-use project in Los Angeles that's being developed by Lendlease, according to a Wednesday announcement.
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September 04, 2024
NJ Health System Wins Access To Fraud File In Antitrust Fight
A New Jersey federal judge Wednesday allowed health system RWJBarnabas Health Inc. to move ahead with a subpoena on the New Jersey State Commission of Investigation in a case in which RWJBarnabas is accused of antitrust violations by rival health system CarePoint Health Management Associates LLC.
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September 04, 2024
Airbnb Says NYC Must Reevaluate Short-Term Rental Rules
Airbnb urged New York City to reevaluate its short-term rental regulations under Local Law 18, contending in an official blog post that the regulations haven't solved the city's housing affordability crisis and raised hotel prices.
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September 04, 2024
Warren Urges IRS To Look At Possible REIT Tax Break Abuse
The Internal Revenue Service should increase its scrutiny of real estate investment trusts to determine whether companies are benefiting from REIT tax benefits while flouting rules, including those that limit the level of a REIT's ownership in a company, Sen. Elizabeth Warren told the agency's commissioner.
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September 04, 2024
SEC Fines Investor Over $7.5M In Undisclosed Affiliate Fees
The U.S. Securities and Exchange Commission has fined Florida-based investor Digital Bridge for failing to properly disclose about $7.5 million worth of payments to affiliates for services provided to a group of funds the firm manages.
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September 04, 2024
Banks Close $315.7M Deal For Texas Energy Storage Systems
Deutsche Bank and First Citizens Bank headed up $315.7 million in financing for four Texas battery energy storage systems owned by a UBS Asset Management fund, the financial institutions announced Wednesday.
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September 04, 2024
Former Michelin Tire Factory Site Worth $30M, NJ Jurors Told
The owner of a 22-acre former Michelin Tire factory in Milltown, New Jersey, told jurors Wednesday it should be paid at least $30 million by a borough redevelopment agency to acquire the property through eminent domain for the construction of a 350-unit mixed-use residential development.
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September 04, 2024
Colo. Cuts Property Tax Assessment Rates, Limits Growth
Colorado will cut property tax assessment rates and impose caps on the growth of local revenue under legislation signed into law Wednesday by Gov. Jared Polis, staving off two ballot initiatives critics said would have devastated local government budgets.
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September 04, 2024
Real Estate Lawyers On The Move
Dentons, White & Case and K&L Gates are among the law firms that have made recent real estate and construction hires.
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September 04, 2024
Where BigLaw Real Estate Presidential Donations Are Going
Law360 examined presidential campaign contributions from over 1,000 BigLaw real estate attorneys to see where that slice of the legal community is sending its support. Here's what we found.
Expert Analysis
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Unpacking FinCEN's Proposed Real Estate Transaction Rule
Phil Jelsma and Ulrick Matsunaga at Crosbie Gliner take a close look at the Financial Crimes Enforcement Network's recently proposed rulemaking — which mandates new disclosures for professionals involved in all-cash real estate deals — and discuss best next steps for the broad range of businesses that could be affected.
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New FinCEN Guide Provides Useful BOI Context For Banks
Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.
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DC's Housing Tax Break Proposal: What's In It, What's Missing
Proposed Washington, D.C., rules implementing the Housing in Downtown Tax Abatement program — for commercial property owners who convert properties into residential housing — thoroughly explain the process for submitting an application, but do not provide sufficient detail regarding the actual dollar value of the abatements, says Daniel Miktus at Akerman.
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Contract Disputes Recap: The Terms Matter
Stephanie Magnell and Zachary Jacobson at Seyfarth examine recent decisions from the U.S. Civilian Board of Contract Appeals, the Armed Services Board of Contract Appeals and the U.S. Court of Federal Claims, which offer reminders about the importance of including contract terms to address the unexpected circumstances that may interfere with performance.
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Reducing Carbon Footprint Requires A Tricky Path For CRE
As real estate owners find themselves caught between rapidly evolving environmental, social and governance initiatives and complicated societal debate, they will need to carefully establish formal plans to remain both competitive and compliant, say Michael Kuhn and Mahira Khan at Jackson Walker.
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New CMS Rule Will Change Nursing Facility Disclosures
A new rule from the Centers for Medicare & Medicaid Services significantly expands disclosure requirements for nursing facilities backed by private equity companies or real estate investment trusts, likely foreshadowing increased oversight that could include more targeted audits, say Janice Davis and Christopher Ronne at Morgan Lewis.
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What Shareholder Approval Rule Changes Mean For Cos.
The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.
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White Collar Plea Deals Are Rarely 'Knowing' And 'Voluntary'
Because prosecutors are not required to disclose exculpatory evidence during plea negotiations, white collar defendants often enter into plea deals that don’t meet the U.S. Supreme Court’s “knowing” and “voluntary” standard for trials — but individual courts and solutions judges could rectify the issue, says Sara Kropf at Kropf Moseley.
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ESG Around The World: Canada
In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.
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How Lease Obligations Can Affect Subchapter V Debt Cap
Two recent bankruptcy rulings in the Eastern District of Virginia and the Southern District of New York take opposite positions on whether unmatured lease obligations are considered noncontingent debt for the purposes of calculating debtors' Subchapter V eligibility, say Joseph Orbach and Henry Thomas at Thompson Coburn.
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Trends That Will Shape The Construction Industry In 2024
Though the outlook for the construction industry is mixed, it is clear that 2024 will bring evolving changes aimed at building projects more safely and efficiently under difficult circumstances, and stakeholders would be wise to prepare for the challenges and opportunities these trends will bring, say Josephine Bahn and Jeffery Mullen at Cozen O'Connor.
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NY CRE Lenders Need Clarity On Foreclosure Standing
Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.