Commercial
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July 29, 2024
Rialto, Blackstone Foreclosures Add Up On Signature Loans
A Rialto Capital Partners and Blackstone joint venture, which took over as servicer of a Signature Bank loan portfolio, has gone to court to claw back loans on various New York commercial properties — including an Art Deco landmark.
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July 29, 2024
BofA Mortgage Loan Officers Get Conditional Cert. In OT Suit
A group of mortgage loan officers who accused Bank of America of misclassifying the employees as overtime-exempt has cinched conditional collective certification, with a North Carolina federal judge rejecting the bank's arguments that their job duties were too different to merit certification.
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July 29, 2024
CIM Group Funds $2.1B Real Estate Investment Platform
Real estate and infrastructure owner CIM Group on Monday announced that it has provided financing for the formation of a $2.1 billion investment platform called Round Hill Capital Ventures, which has acquired contracts for the assets previously managed by Round Hill Capital.
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July 29, 2024
Realtor.com Parent Fights Uphill For CoStar Injunction
A California federal judge appeared skeptical Monday of a preliminary injunction request from Realtor.com's parent company seeking to block rival CoStar from misappropriating trade secrets and unlawfully accessing its computers, saying the alleged theft doesn't appear to involve a secret "formula" but rather website content.
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July 29, 2024
Mo. Menards Store Ruled Properly Valued At $17M
A Missouri Menards home improvement store was properly valued at $17 million by a county assessor because the store's appraiser failed to use comparable properties in his valuation, the state Tax Commission affirmed.
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July 29, 2024
Judge Ends Coverage Quest, Calls $2.7M Loss 'Foreseeable'
An Arizona federal judge granted a quick win to an insurer over $2.7 million in water damage losses claimed by an Arizona landlord, finding the losses were "foreseeable" and therefore not covered by the all-risk policy.
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July 29, 2024
Co. Denies Bid At 99 Cents Only Sale, Wants $1.5M Deposit
A California real estate entity urged a Delaware bankruptcy judge to let it reclaim all of a $1.5 million deposit it made in connection to the estate of 99 Cents Only, saying the money was required to attend an auction but the discount retailer is pretending the company won a bid for some of its property.
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July 29, 2024
Developer Stocks Up $300M To Buy Calif. Industrial Assets
Overton Moore raised $150 million in equity capital and brought its total acquisition capital to $300 million as it plans to acquire "well-located core" California industrial properties in the future, the industrial developer announced Monday.
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July 29, 2024
Clean Energy Tax Credit Sales Could Hit $25B, Report Says
Total sales of clean energy tax credits could reach as high as $20 billion to $25 billion this year, signaling a flourishing marketplace for credit sales authorized by the 2022 climate law, according to a midyear report released Monday by a climate tech startup firm.
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July 29, 2024
NYC Real Estate Week In Review
Romer Debbas and Marcus Attorneys are among the law firms that steered the largest New York City deeds that hit public records last week, a slow period that saw only five transactions north of $15 million become public.
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July 29, 2024
DC Taxes Due From Property Transfer Prior To Sale
A business that sold a commercial property in Washington, D.C., was properly assessed back taxes for a 2007 merger with a subsidiary, the District of Columbia Court of Appeals ruled.
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July 26, 2024
CFIUS Report Says More On Real Estate Than Meets The Eye
The Committee on Foreign Investment in the United States' latest report to Congress shows no significant change in the number of real estate-related cases the committee reviewed in 2023, but that does not mean properties weren't on the government's radar, attorneys say.
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July 26, 2024
Kuwait-Linked Firm Forecloses On $124.5M FiDi Office Loan
InterVest Capital Partners, a firm supported by Kuwait's public pension fund, has sued in New York state court to foreclose on a $124.5 million loan for a 47-story office tower at 30 Broad Street in New York's Financial District.
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July 26, 2024
DC Circ. Won't Stave Off Amtrak's Union Station Takeover
The D.C. Circuit on Friday rejected an emergency bid to stop Amtrak from taking control of Washington, D.C.'s Union Station, but did not dismiss the case outright, ruling that efforts to stop the eminent domain takeover appeared unlikely to succeed on appeal.
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July 26, 2024
Digital Realty Watches For Power Constraints On Projects
Digital Realty has its eye on the possibility that pressures on electrical networks might create delays for the company's pipeline of new data centers, the real estate investment trust's CEO said in an earnings call.
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July 26, 2024
Queens Class A Industrial Building Earns $85M In Financing
Marcus & Millichap affiliate IPA Capital Markets said it arranged $85 million in financing for a two-story Class A industrial property in Queens, New York.
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July 26, 2024
Robinson+Cole Adds Ex-Bose Atty To Mass. Real Estate Team
Robinson+Cole hired Kimberly A. Sigler, the former Bose Corp. assistant general counsel and a company director, as a partner for its real estate group in Boston, the firm announced.
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July 26, 2024
Ohio McDonald's Properly Valued At $1.9M, Board Says
An Ohio McDonald's was properly valued at $1.9 million by the county appraiser, the state Board of Tax Appeals ruled Friday, rejecting the business's bid to have the value lowered to $1.18 million.
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July 26, 2024
Real Estate Investment Firm Buys Miami Beach Retail Property
Torose Equities acquired an 8,700-square-foot, single-tenant retail property located at 910 Lincoln Road in Miami Beach, Florida, the real estate investment firm announced Friday.
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July 26, 2024
Taxation With Representation: Wachtell, Polsinelli, Kirkland
In this week's Taxation With Representation, T-Mobile partners with KKR to acquire Metronet, Exclusive Networks gets a takeover offer, KKR buys Instructure Holdings Inc., and Bally's Corp. merges with The Queen Casino & Entertainment Inc.
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July 25, 2024
Trump Judge Won't Exit Over 'Nothingburger' Atty Encounter
The New York judge who ordered Donald Trump to pay $465 million in penalties in his civil fraud case Thursday rejected the former president's demand that he step down from the case, saying a brief hallway encounter with an attorney acquaintance was a "nothingburger" that did not influence his decision.
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July 25, 2024
NC High Court Signals End To College Building Access Row
The Tar Heel State's Supreme Court this week unpaused a legal battle between North Carolina State University and a cancer-stricken professor after the two said they had resolved a dispute over testing for carcinogens in a campus building.
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July 25, 2024
GSA Awards $94M Contract For Overhauling ND Land Port
A construction company won a $94 million contract from the U.S. General Services Administration to replace the "outmoded" facilities of a Dunseith, North Dakota, land port entry, the GSA announced.
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July 25, 2024
Ohio Board Incorrectly Calculated Land, Improvement Value
An Ohio warehouse property had its land value incorrectly increased to $1.2 million, from $715,000, a state appeals court ruled Thursday after finding no evidence was presented that warranted a change in its value.
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July 25, 2024
Self-Storage Investment Firm Nets $75M Construction Loan
Self-storage real estate investment firm Storage Units Capital obtained a $75 million construction loan from Beal Bank and Crow Holdings so that it can develop Class A self-storage properties in the Florida submarkets of Orlando and Tampa, the firm announced July 25.
Expert Analysis
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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.
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The Year Ahead In Foreign Investment And National Security
In 2024, expect the Committee on Foreign Investment in the United States, already at the forefront of addressing national security threats, to increase monitoring and enforcement related to outbound investment, focus on supply chain resilience in nondefense sectors, and heighten oversight of agricultural transactions, say attorneys at Holland & Knight.
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Sale-Leasebacks May Provide A Safe Financing Alternative
Amid rising interest rates and unpredictable market conditions, sale-leasebacks can be a useful investment option for both buyers and sellers, though their potential drawbacks demand careful consideration, says Chanel Di Blasi at Crosbie Gliner.
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5 Recent Developments Family Offices Are Watching In 2024
Although family offices have long been exempt from many of the more onerous regulations and reporting requirements governing U.S. investment advisers and asset managers, recent amendments to federal rules will have an impact on how family offices invest and operate in 2024, say attorneys at Morgan Lewis.
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A Challenging CRE Environment Holds Opportunities In 2024
As the commercial real estate market faces reduced occupancy levels and rising financing costs, the new landscape will be favorable to those who can leverage capital, strategic vision and expertise to meet challenges like taking on distressed properties and converting office space to residential use, say Nesa Amamoo and Vered Rabia at Skadden.