A Blackstone lending arm has reportedly loaned roughly $650 million for a New York condo tower project, Centennial Bank is said to have loaned $17.66 million for a Florida hotel project, and Siren Studios has reportedly sold its Los Angeles office and retail campus for about $60 million.
Spain’s Banco Bilbao Vizcaya Argentaria SA said Wednesday it will sell off 80 percent of its real estate business through a joint venture deal with Cerberus Capital Management LP that will see the private equity firm hand over around €4 billion ($4.74 billion) to the bank.
Lawrence, Kansas-based Peoples Bank will pay $2.8 million to settle allegations by the Federal Reserve that it misrepresented the relationship between the fees paid by mortgage borrowers and the interest rate they would pay, according to regulatory papers posted online Tuesday.
Insurer Mid-Continent Casualty Co. told the Eleventh Circuit on Monday that it deserves attorneys’ fees in a suit brought by a construction-design policyholder seeking coverage for underlying copyright litigation, saying Florida law provides for such fees considering a formal settlement offer was made but rejected.
Chinese conglomerate HNA Group is reportedly considering selling some of its global real estate holdings, a venture led by real estate investor Chet Balder is said to have landed a $23 million loan for a Chicago-area office building, and a GID venture has reportedly scored a $45.4 million loan from Nationwide Mutual Insurance for a Florida multifamily property.
The House of Representatives approved a bill Tuesday that would greenlight a land deal between the federal government and the Santa Ynez Band of Chumash Indians that has been the subject of litigation in California.
The New Jersey Supreme Court has disbarred a real estate attorney accused of misappropriating more than $56,000 from clients' funds by, among other things, borrowing from a client’s escrow account to pay expenses related to businesses he owned, according to a decision and order posted Tuesday.
Link REIT has reached a deal to sell 17 Hong Kong shopping centers to a venture led by private equity shop Gaw Capital Partners for a whopping HK$23 billion ($3 billion), according to an announcement from the real estate investment trust Tuesday.
The U.S. Securities and Exchange Commission is seeking $10.3 million from a now-defunct company whose founder was accused by the agency of bilking investors out of money raised to purchase defaulted loans on property in Florida and Colorado, according to a filing Monday in Utah federal court.
The D.C. Circuit on Monday backed a lower court’s decision to toss a California county’s suit challenging a U.S. Department of the Interior decision supporting a proposed tribal casino, saying the tribe and the county agreed in a 1987 deal that the tribe would be treated as a federally recognized reservation.
An insurance company on Monday urged the Fifth Circuit to find it doesn’t have to provide liability coverage to a Texas shopping center landlord for failing to complete commercial lease negotiations with a new restaurant on time, arguing a lower court wrongly equated a right to occupy with occupancy itself.
Gov. Andrew Cuomo’s former right-hand man has accused prosecutors of sitting on evidence that could undermine the corruption charges he’s facing, telling a New York federal court the government should have long ago turned over interviews that show he wasn’t even a state official when he was allegedly plied with bribes.
A New Jersey appeals court on Tuesday refused to overturn a shore town’s decision to allow new development on a dilapidated marina damaged by Superstorm Sandy, ruling that officials had given the owner sufficient opportunity to provide rebuttal during public meetings.
Stikeman Elliott LLP represented CT REIT in connection with its purchase of seven retail properties across Canada, each of which is partially leased to Canadian Tire, from Fogler Rubinoff LLP-counseled RioCan REIT for CA$200 million ($156.2 million), a deal the real estate investment trusts announced on Tuesday.
Lawyers for Katy Perry urged a California judge Monday to grant another $1 million in attorneys’ fees on top of the $1.57 million a jury awarded after finding that a developer had interfered with the pop star’s $14.5 million deal to purchase a former convent.
Balfour Pacific Capital has picked up a pair of office buildings in Itasca, Illinois, for $78.3 million, Crain's Chicago Business reported on Monday. The deal is for the 15-story 500 Park Blvd. and 16-story One Pierce Place, which are 85 and 88 percent leased, respectively, Crain's said. The buildings last traded hands in 2011 for $74 million, according to the report.
Globalworth Real Estate Investments Ltd. is planning to raise roughly €300 million ($357 million) through the sale of new ordinary shares, according to an announcement from the company on Monday.
Three venture-backed life sciences companies and a California bank launched initial public offerings on Monday that could raise a combined $481 million, setting the stage for an upturn in deals following a Thanksgiving pause.
Civeo Corp., a global provider of workforce housing and facility management services, announced Monday it has reached a deal to acquire for $289 million Noralta Lodge Ltd., a company that specializes in providing lodging and other services to energy sector employees in Canada.
Creditors and insurers of 21st Century Oncology Holdings Inc. filed objections to its Chapter 11 plan Monday in New York bankruptcy court over complaints of sloppy drafting and unpaid bills, setting up several hurdles the cancer treatment center will have to clear before emerging from bankruptcy.
Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.
Financial Crisis Anniversary
After nearly a decade of recession-accelerated change in the legal industry, “merit-based” compensation has largely come to mean measuring attorney success using some combination of origination and working attorney hours metrics. However, there are signs that the real impact of the recession is still around the corner, and that building a book isn’t enough, says Peter Zeughauser of Zeughauser Group.
Hamer v. Neighborhood Housing Services of Chicago questions whether the time limit on a district court’s authority to extend the deadline for filing a notice of appeal is jurisdictional. Based on the questions at argument before the U.S. Supreme Court last week, the court appears likely to adhere to the principle articulated in some of its recent cases, says Eric Miller of Perkins Coie LLP.
The U.S. Securities and Exchange Commission's recent enforcement action against Maksim Zaslavskiy and his two companies firmly establishes the commission’s assertion of authority over digital currencies. But it is important to note that the SEC’s recent foray into digital currencies is not the first assertion of regulatory authority in this arena, say attorneys with Kirkland & Ellis LLP.
Companies' reluctance to litigate Consumer Financial Protection Bureau claims has allowed the bureau to establish a value for its claims based on what it can extract from companies seeking peace rather than what it can prove in a neutral federal forum. Several recent examples demonstrate that when a company has sound defenses, litigating can dramatically improve outcomes compared to settlement, say attorneys with Williams & Connolly LLP.
Critics of legal tech companies will often say, “Trust a reputable attorney that understands you, your situation and the law.” As an attorney, I wholeheartedly agree. But from the consumer’s perspective, the message seems out of touch with the digital age, says Jeff Unger, founder of the law firm eMinutes.
There are currently a number of pending housing bills in the California Legislature aimed at making it harder for cities to deny housing and affordable housing projects, proposed in direct response to what the California Supreme Court has described as housing problems "of epic proportions," says Andrew Farber of Berliner Cohen LLP in the final part of this article.
Financial Crisis Anniversary
State attorneys general have worked with the Consumer Financial Protection Bureau, other federal agencies and each other to take on issues deemed to be the fallout of the financial crisis that started 10 years ago. But unlike the CFPB, the jurisdiction of which is limited, the AGs have assumed a wider reach, say former Maryland Attorney General Douglas Gansler and Michelle Rogers of Buckley Sandler LLP.
Private parties who plan to jump into a real property transaction with a public agency should be aware that their deal could be impacted or held up by the California Environmental Quality Act unless they are fully informed of the recent legal developments pertaining to CEQA compliance and real property, says Stephanie Smith of Grid Legal.
The California Legislature has responded to California's lack of affordable housing in part by enacting increasingly strict laws designed to remove discretion from the housing entitlement process at the local level, says Andrew Faber of Berliner Cohen LLP.