Commercial
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May 31, 2024
Healthcare REIT Closes $120M Loan For 8-Property Portfolio
Diversified Healthcare Trust has finalized a deal for a 10-year, interest-only $120 million mortgage loan that's secured by eight of its properties located in seven states, the healthcare-focused real estate investment trust announced.
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May 31, 2024
IRS Can Seek Tax Beyond Bankruptcy Deal, 11th Circ. Affirms
A deal between the IRS and an Alabama real estate developer to settle his tax debt for $2 million during Chapter 11 bankruptcy proceedings wasn't final, and the agency can demand additional taxes from him, the Eleventh Circuit affirmed Friday.
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May 31, 2024
Kirkland Guides Town Lane To $1.25B Debut Real Estate Fund
Kirkland & Ellis LLP advised the close of an inaugural, $1.25 billion fund for Town Lane, a real estate firm founded by a brother-sister duo with decades of combined experience at Blackstone and Sycamore Partners, according to a Friday news release.
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May 31, 2024
Contractor, Insurers Settle NYC Four Seasons Coverage Row
A New York federal judge dismissed a general contractor's suit seeking coverage from two insurers for an underlying $1 million action over damage to a Four Seasons hotel in midtown Manhattan, saying the parties have reached a proposed settlement.
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May 31, 2024
Atty Gets 2nd Suspension Over Sale Of $1.6M Painting
The Florida Supreme Court approved a one-year suspension for a New Jersey-based attorney and real estate developer this week who pled guilty to smuggling a $1.6 million painting out of his house in 2013 to avoid an asset sale.
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May 31, 2024
Phoenix Office Activity Down Annually In Q1, CBRE Says
The Phoenix area's office market notched negative absorption again in the first quarter of 2024, with vacancy rates remaining high and total leasing activity down on an annual basis, according to a CBRE report.
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May 31, 2024
WeWork's Winding Road Through Bankruptcy Court
Office space provider WeWork won approval for its $4 billion Chapter 11 reorganization plan Thursday, overcoming opposition from landlords, unsecured creditors and its own founder to emerge debt-free under new equity ownership.
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May 30, 2024
Only One Landlord Allowed To Duck DC RealPage Suit
One of several landlords that stands accused by the District of Columbia of using property management platform RealPage to fix the price of rentals has managed to convince a D.C. Superior Court judge to kibosh the claims against the real estate investment trust permanently.
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May 30, 2024
Defendant Dropped From Calif. Broker Commissions Case
A California federal judge has dismissed a multiple listing service from a proposed antitrust class action that accused the service and several real estate brokerages of engaging in a conspiracy to artificially inflate buyer broker commissions on home sales.
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May 30, 2024
Curaçao Expropriation Suit Tossed Over Sovereign Immunity
A D.C. federal judge on Thursday tossed an Iranian American women's rights activist's $110 million suit accusing Curaçao's banking regulator of unlawfully seizing her stake in a $700 million investment company, saying the regulator has sovereign immunity and that, in any case, no expropriation had taken place.
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May 30, 2024
Only $100K Owed For NJ Theater's Virus Losses, Judge Says
A Zurich unit owed a theater only $100,000 for its COVID-19-related losses under its policy's communicable disease coverage provision, a New Jersey federal court ruled, rejecting the theater's arguments that each public health order constituted a separate occurrence and that a "blanket" $1.9 million limit was applicable.
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May 30, 2024
Judge Finds US Owns Fla. Island In Long-Running Dispute
A federal judge ruled that the government owns a vacant island off the harbor of Key West, Florida, in rejecting a developer's long-running claim to title, finding that the U.S. Navy has used the site as a buffer from forces such as hurricanes and private development.
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May 30, 2024
AECOM Joins Team For NBA Arena, Resort On Vegas Strip
Developer LVXP said it has tapped AECOM to assist in a planned NBA-ready arena anchoring a 27-acre site with a luxury resort and casino on the Las Vegas Strip.
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May 30, 2024
RFR Execs Face $16M Manhattan Office Loan Suit
The lender behind the senior and junior mezzanine loans tied to a New York City office property filed suit in state court against the two principals of real estate investment firm RFR, saying the pair are on the hook for a combined $16.6 million after the borrower defaulted.
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May 30, 2024
Jersey Shore Motel Loses Condemnation Fight With Town
A New Jersey borough properly used eminent domain to take over a local 50-room motel where it plans to provide parking and electric vehicle charging, a New Jersey appellate panel ruled.
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May 30, 2024
WeWork Gets OK For $4B Chapter 11 Plan
A New Jersey bankruptcy judge on Thursday approved office space provider WeWork's plan to wipe out $4 billion in debt and end its Chapter 11 case after hearing there were no remaining creditor objections.
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May 29, 2024
NC State Is Blocking Probe Of PCBs In Building, Court Told
North Carolina State University is trying to exploit the judicial process in order to destroy evidence of building contamination, a cancer-stricken professor told a state appeals court Tuesday in a bid to advance plans for a carcinogen inspection.
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May 29, 2024
CBRE Wants Would-Be Property Buyer's Suit Trimmed
CBRE Inc. urged an Iowa federal court to toss a professional negligence claim in a real estate investment firm's $10.3 million suit over a failed Iowa property deal, arguing that, as a real estate brokerage, it wasn't obligated to tell the firm about a competing buyer.
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May 29, 2024
Tremont Chicago Hotel Reaches Agreement With Lender
A defunct hotel near Chicago's commercial center has reached an agreement with its senior secured creditor, resolving its request to dismiss the case or lift the Chapter 11 automatic stay while reserving the right to revisit the stay under some circumstances.
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May 29, 2024
2nd Circ. Judge Weighs Sanctioning NYC In Rent Law Case
A Second Circuit judge on Wednesday pressed an attorney for New York City on why the city should not be sanctioned for bringing up a jurisdictional challenge to a landlord's suit over a pandemic-era guaranty law at the "11th hour" of proceedings, after the city had lost in previous rulings.
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May 29, 2024
7 Courthouse Facelifts Funded By The $1.2T Spending Bill
Seven federal courthouses across the U.S. and Puerto Rico are receiving funds for upgrades or construction as part of Congress' latest $1.2 trillion spending package, and security and seismic concerns are top of mind at many of the buildings selected.
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May 29, 2024
Gibson Dunn, Cleary Advise $120M Luxury Retail Buy
A Florida real estate investment firm has closed on $120 million in financing for its discount acquisition of a luxury retail building at 680 Madison Ave. in New York, in a transaction advised by Gibson Dunn & Crutcher LLP and Cleary Gottlieb Steen & Hamilton LLP.
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May 29, 2024
3 Firms Guide Blackstone's $768M Hawaii Resort Deal
Simpson Thacher & Bartlett LLP, Arnold & Porter Kaye Scholer LLP and Cades Schutte LLP guided Blackstone Real Estate's $725 million sale of a Hawaii resort and the simultaneous $43 million sale of an adjacent 65-acre parcel, according to a statement from the seller Wednesday.
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May 29, 2024
Law Firm Says Atty Can't Elude Malpractice Claims In RE Case
Chaitman LLP has urged a New Jersey state court to preserve its malpractice claims against a suspended solo attorney, arguing that discovery so far has shown that the attorney was deeply involved in guiding a case that ended in failure for its clients and exposed Chaitman to its own malpractice suit.
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May 29, 2024
8th Circ. Backs Ark. Landowners' Jury Win In Flooding Suit
The Eighth Circuit has upheld a group of Arkansas landowners' nearly $350,000 jury win in their lawsuit accusing Lawrence County of building a bridge that caused flooding that damaged their crops.
Expert Analysis
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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.
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Adjusting Deals To Reflect Shifts In The CRE Market
As the commercial real estate market strengthens and moves out from a challenging time, industry participants should consider any concessions made due to recent trends and update transaction documents accordingly before entering into new deals, says Alexander Davis at Mayer Brown.
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4 International Arbitration Trends To Monitor In 2024
Global growth slowed substantially in 2023, and may continue into 2024 due to geopolitical instability, which could fuel four key trends in international arbitration in the coming year, including investor-state and commercial arbitration, an increase in arbitration out of China, and more, say Gregory Litt and Sharmistha Chakrabarti at Skadden.
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How DOI Aims To Modernize Resource Damage Assessments
The U.S. Department of the Interior's recent proposal to redesign its Type A rule for conducting natural resource damage assessment and restoration activities could lead to a more streamlined, flexible assessment process that would benefit both natural resource trustees and potentially responsible parties, says Brian Ferrasci-O'Malley at Nossaman.
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Key Issues When Navigating A Tenant's Bankruptcy
In light of recent Chapter 11 filings by Rite Aid and WeWork — companies with thousands of commercial leases — practitioners should review issues that can arise when bankruptcy is used to exit a lease, including the consequences of lease rejection and the statutory cap on landlord damage claims for a rejected lease, say attorneys at Proskauer.