Dynex Must Pay $27M For Breaching Development Loan Deal

Law360, Dallas (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...
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