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Real Estate

  • September 14, 2018

    Ares Selling Stake In Colo. Hotel Project For $270M

    Ares Management LP is selling its stake in an under-construction hotel and convention center in Aurora, Colorado, to Ryman Hospitality Properties Inc. and RIDA Development Corp. for roughly $270 million, Ares announced Friday.

  • September 13, 2018

    Men Get Prison, House Arrest In $3.5M Home Equity Loan Plot

    A New Jersey federal judge on Thursday slapped one man with prison and another with home confinement for their roles in a $3.5 million “shotgunning” scheme to use bogus information on simultaneous applications with multiple banks to secure home equity lines of credit.

  • September 13, 2018

    Insurer On Hook For $3M Cleanup Of Laundromat Suds Spills

    Ace Property and Casualty Insurance Co. must cover $3 million that a defunct laundromat owes a real estate holding company for polluting a site straddling the Massachusetts-New Hampshire border with dry-cleaning chemicals, a Massachusetts federal judge ruled Thursday.

  • September 13, 2018

    Fla. Condo Wants Insurer to Dig It Out Of $25M Sinkhole Loss

    A Florida condominium association filed suit Thursday in federal court in Tampa against Philadelphia Indemnity Insurance Co. over the insurer's refusal to cover a $25 million claim for alleged sinkhole damage, arguing that the denial was based on insufficient testing of the property.

  • September 13, 2018

    Fla. Judgment Upheld In Builder's Fight With Subway Founder

    A Florida appeals court on Thursday upheld summary judgment against Florida developer Anthony Pugliese in a dispute over a soured partnership with Subway co-founder Fred DeLuca to build a planned eco-friendly city on a $137 million parcel of land in central Florida.

  • September 13, 2018

    Herbert Smith Steers Propertylink's $543M Offer For REIT

    Propertylink Group has made an offer to buy Australia-based Centuria Industrial REIT in a deal that values the real estate investment trust at A$755 million ($542.9 million), according to an announcement from Herbert Smith Freehills LLP-counseled Propertylink Group on Thursday.

  • September 13, 2018

    NY Panel Axes MBIA Fraud Claim In Suit Against Credit Suisse

    A New York appeals court decided Thursday it won't revive a fraud claim MBIA Insurance Corp. brought in its $253 million suit against Credit Suisse over losses it incurred backstopping the bank's residential mortgage-backed securities, and also nixed an earlier win the bond insurer scored in the case.

  • September 13, 2018

    Real Estate Rumors: Miami-Dade County, Barings, Bringer

    Miami-Dade County is reportedly considering buying a former railroad corridor for $24.6 million, landlord Barings is said to be leasing nearly 20,000 square feet in New York to PR Consulting, and an affiliate of air cargo company Bringer has reportedly paid roughly $2.7 million for a Florida development site.

  • September 13, 2018

    Horn Williamson Snags Zarwin Baum Atty For Zoning Group

    The Philadelphia-based construction boutique Horn Williamson LLC has tapped the co-chair of Zarwin Baum DeVito Kaplan Schaer & Toddy PC’s zoning and land use practice to help launch its own development group.

  • September 13, 2018

    'Next Madoff' Defamer Faces Uphill Fight In $38M Appeal

    A former tenant faced an uphill battle Thursday trying to persuade a Ninth Circuit panel to reverse a $38 million jury award against him and other tenants who defamed a Los Angeles real estate investor online by calling him "the next [Bernie] Madoff,” with two judges saying he did not preserve his challenge by objecting to a presumed-damages theory at trial.

  • September 13, 2018

    Oxford's Latest Bid Values REIT Investa At More Than $2.4B

    Canada's Oxford Properties Group has upped its offer to buy real estate investment trust Investa Office Fund in a deal that values the Australia-based company at AU$3.35 billion ($2.41 billion), as it competes with The Blackstone Group LP to buy the firm, Investa said on Thursday.

  • September 12, 2018

    Ecuador Bank Cleared To Collect Fraud Judgment In Fla.

    A Florida appeals court upheld a lower court’s decision Wednesday allowing the Central Bank of Ecuador to collect a portion of a fraud judgment worth hundreds of millions against three brothers from an Orlando property’s corporate owner, in which one of the brothers invested proceeds of the fraud.

  • September 12, 2018

    NY Developer Faces Collection Action After 'Lavish' Pics

    A construction executive misused money meant for a luxury New York City condominium project and failed to repay a related $4 million loan while flaunting his “lavish lifestyle” on Instagram, a group of lenders said in a collection action filed Tuesday in state court.

  • September 12, 2018

    Calif. Panel Backs Consultant's $7.2M Award For Unpaid Work

    A California appeals court on Tuesday affirmed a consultant’s $7.2 million trial win for unpaid work done for online real estate marketplace Ten-X, ruling that the verdict shouldn’t be tossed just because “marginally relevant” evidence about the consultant’s work with another real estate-related business was excluded.

  • September 12, 2018

    McCabe Weisberg Exits Foreclosure Services FCA Case

    The relator behind False Claims Act litigation alleging that Fannie Mae, Freddie Mac and the federal government were overcharged for foreclosure services has voluntarily dropped claims against the law firm McCabe Weisberg & Conway PC and two affiliate vendors, according to a filing that a New York federal judge signed on Tuesday.

  • September 12, 2018

    Law Schools Struggle To Find Themselves In Post-Recession Market

    Classes on blockchain and artificial intelligence. Crash courses in business and financial markets. These are a few ways law schools are preparing students for a job market that is struggling in the wake of the recession.

  • September 12, 2018

    Hotel Equities Gets $500M PE Investment From Virtua Partners

    Private equity shop Virtua Partners is investing more than $500 million in the hospitality platform of Hotel Equities through a new strategic alliance, according to an announcement from the companies on Wednesday.

  • September 12, 2018

    Ill. Atty Gets Misconduct Complaint For Coal Client Deal

    An Illinois lawyer has been hit with a disciplinary complaint accusing him of creating a conflict of interest in a deal with a client in which he got partial ownership of carbon deposits on the client's property.

  • September 12, 2018

    Fla. Court Clarifies Statute Of Repose For Building Defects

    A Florida appeals court ruled Wednesday that a lower court erred in finding that a group of homeowners missed a deadline to sue Centex Homes over alleged construction defects even though they filed a statutorily required pre-suit notice to the builder within the eligible time period.

  • September 12, 2018

    Ford Seeking $239M In Tax Breaks For Detroit Development

    Ford Motor Co. is seeking $239 million in tax abatements from Michigan, the city of Detroit and other government entities to develop 1.2 million square feet of space in the city’s historic Corktown district, a $738 million project anchored by the redevelopment of the shuttered Michigan Central Station.

Expert Analysis

  • A Breakdown Of Title Insurance For Mezzanine Financing

    Excerpt from Lexis Practice Advisor
    Spencer Compton

    Despite pessimism after the recession, mezzanine financing continues to be a part of almost every significant commercial real estate transaction. Lenders should understand the basic mezzanine debt structure and what title insurance options are available to them, say Spencer Compton and David Wanetik of First American Title Insurance Company.

  • Opinion

    A Decade After Financial Crisis, Misconceptions Remain

    Edward Stringham

    Following the 2008 economic downturn, many observers blasted mortgage-backed securities and collateralized debt obligations. Today, we're hobbled with numerous regulations that stem from a fundamental misunderstanding of what these instruments were designed to do, says Edward Stringham of the American Institute for Economic Research.

  • A Step Toward Modernizing The Community Reinvestment Act

    David Freeman

    The Office of the Comptroller of the Currency recently addressed a number of significant concerns about the Community Reinvestment Act that have been raised in recent years. Attorneys with Arnold & Porter discuss the core aspects of the existing CRA framework, the apparent priorities of the OCC in updating this framework, and next steps for industry participants.

  • Past Due Rent May Not Support A Claim For Eviction

    Jason Hirsh

    Lawyers counseling clients with respect to commercial real estate should be alarmed by 1002 E. 87th Street v. Midway, in which the Illinois Appellate Court recently held that a buyer of real estate cannot sue for rent owed prior to the real estate acquisition and that a claim for past due rent is not assignable, say Jason Hirsh and Jamie Burns of Levenfeld Pearlstein LLC.

  • 10 Questions For Upcoming Opportunity Zone Guidance

    Marc Schultz

    Last year's tax overhaul created an incentive program to encourage the investment of private capital in certain "opportunity zones" throughout the United States. The IRS is expected to issue guidance for interpreting many of the opportunity zone provisions in short order. However, the success of this program could depend upon the IRS' answers to these 10 questions, says Marc Schultz of Snell & Wilmer LLP.

  • High Court Could Settle Preemption Questions For Banks

    Jesse Tyner Moore

    Courts are still defining the power of federal financial regulators to exempt federally regulated institutions from state laws. The U.S. Supreme Court could help clarify important constitutional issues if it reviews Lusnak v. Bank of America, which is being appealed from the Ninth Circuit, says Jesse Tyner Moore of Dykema Gossett PLLC.

  • Why Escobar Materiality Rule Applies To California FCA

    Carolyn Pearce

    While California state courts have yet to directly address the issue, it is likely that the U.S. Supreme Court's Escobar standard for False Claims Act claims will — and indeed should — guide the materiality analysis under the California FCA as well, says Carolyn Pearce of Arnold & Porter.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • New Pass-Through Deduction Will Pass Over Many Lawyers

    Evan Morgan

    A few weeks ago, the IRS proposed regulations related to the Tax Cuts and Jobs Act's 20 percent deduction on qualified business income for pass-through entities. The guidance offers long-awaited clarity, but is mostly bad news for many law firms, says Evan Morgan of Kaufman Rossin PA.

  • The REIT Take-Private Process: Trends And Considerations

    Spencer Johnson

    Current market conditions have set the stage for a wave of real estate investment trust public-to-private transactions. While there is no one-size-fits-all process, attorneys with King & Spalding LLP look at some common ways these deals are being initiated and negotiated today.