Commercial
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August 09, 2024
Phillips Lytle Adds Ex-Benderson Development In-House Atty
An attorney who started his career at Phillips Lytle LLP has returned to the firm as special counsel on its real estate industry team in New York state after five years as in-house counsel at Benderson Development.
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August 09, 2024
Fannie Mae Seeks Memory Care Receiver After $28.3M Default
Fannie Mae asked a federal judge to appoint a receiver for three North Carolina senior living facilities after arguing that borrower Affinity Living Communities defaulted on $28.3 million worth of loans from the government-backed lender by missing three months of payments.
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August 09, 2024
Mich. Court Says Tax Cap Voided By Law Firm's New Roof
A new roof installed on the office of a Michigan law firm was an addition to the property, allowing its taxable value to increase beyond a statutory cap, the state Court of Appeals ruled, upholding a state tax tribunal finding.
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August 08, 2024
With Data Centers And Power, Brookfield Cheers AI
Brookfield Corp., the Toronto-based asset management behemoth, touted its position recently at the nexus of physical and energy infrastructure amid the artificial intelligence boom.
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August 08, 2024
Newmark Secures $300M For Healthcare Real Estate JV
Newmark Group Inc. has put together a joint venture between two companies and has also obtained $300 million in financing for the venture so that it can develop "purpose-built healthcare properties," the commercial real estate advisory firm announced Aug. 8.
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August 08, 2024
Fla. Judge Dismisses Sex Abuse Suit, Blaming Lies By Atty
A Florida state judge has thrown out a suit by a Palm Beach real estate developer's daughter who alleges her father sexually abused her, ruling that her attorney's misrepresentations about an expert and why he withdrew from the case are fraud against the court.
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August 08, 2024
Wash. HOA Says Allstate Must Cover $8M Water Damage
A Washington state condominium association accused Allstate of wrongfully denying coverage of an $8 million water damage claim it filed after discovering hidden damage to the exterior of its buildings.
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August 08, 2024
REIT Braemar Refinances 5 Hotels With $407M Loan
Real estate investment trust Braemar Hotels & Resorts said it has refinanced five hotels carrying debt coming due over the next three years with a $407 million loan that matures in 2029.
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August 08, 2024
Community Insurance Can Plug NFIP Gaps, Expert Says
Community-based flood insurance can help cover insurance gaps and provide fast insurance relief to towns and cities at risk of flooding, UC Davis researcher and former Federal Emergency Management Agency engineer Kathleen Schaefer tells Law360.
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August 08, 2024
REIT Files $50M Suit Over Delayed NYC Life Sciences Campus
A real estate investment trust's subsidiary told a New York federal court that a public hospital system misled it about progress on a planned floodwall along the East River, in turn significantly delaying the REIT's construction of a life sciences campus tower.
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August 07, 2024
Top Illinois Real Estate News In 2024 So Far
Catch up on the hottest real estate news out of Illinois so far this year, from brokerages' market forecasts and a casino deal to a $7 billion mixed-use project and a new stadium.
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August 07, 2024
NC Court Tosses Resort's Appeal Over Tree-Cutting Loss
The North Carolina Court of Appeals threw out a resort owner's appeal arguing that Dominion Energy North Carolina cannot remove trees on its property, holding instead that the resort owner abandoned its arguments when it failed to analyze the trial court's final judgment on appeal.
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August 07, 2024
Blackstone Buys Majority Stake In Renewable-Focused Firm
Blackstone Inc.-backed private equity funds have agreed to acquire a majority stake in renewable-energy focused engineering firm Westwood Professional Services Inc., under guidance from Kirkland & Ellis LLP and Gibson Dunn & Crutcher LLP, marking Blackstone's latest bid to support energy transition, according to a Wednesday announcement.
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August 07, 2024
Fund Seeks Forced Sale Of Long-Stalled Baltimore Project
A Boston-based investment fund that backs development projects in disadvantaged communities is seeking to recoup $13 million it poured into a stalled mixed-use project in Baltimore, including through a forced sale, according to a complaint filed in Massachusetts state court.
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August 07, 2024
Nixon Peabody Real Estate Atty Returns To Boston Office
Nixon Peabody LLP rehired R. Lindsay Wilson II for a counsel position on its affordable housing and real estate team in Boston, the firm announced Wednesday.
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August 07, 2024
Venable, Fried Frank Ink Deal Halving Fannie Mae HQ's Space
Venable LLP and Fried Frank Harris Shriver & Jacobson LLP guided Fannie Mae's lease renewal for a Washington, D.C., property, halving its headquarters' footprint at the building following reports it was looking to exit the property altogether.
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August 07, 2024
Ahead Of Due Date, Land Use Attorneys Steer NY Casino Bids
Applicants for three up-for-grabs New York casino licenses are not expected to formally submit for consideration until next year, but real estate developers working on 11 proposals that have been announced are laying the groundwork, including by engaging law firms.
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August 07, 2024
Office Buildings Reign Supreme In Terms Of NYC Tax Revenue
According to a Wednesday report from New York state's fiscal watchdog, ongoing woes in the office sector aren't going to punch a hole in the budget for New York City — which can expect to continue to receive an "outsized" proportion of its tax revenue from office buildings.
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August 07, 2024
Texas Last-Resort Insurer Approves 10% Rate Hike
Texas' windstorm insurer of last resort approved a 10% rate hike subject to state approval following expectations that Hurricane Beryl and other spring storm claims will significantly deplete the insurer's $451 million catastrophe reserve trust fund.
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August 07, 2024
Rising Star: Troutman Pepper's Alana T. Sliwinski
Alana Sliwinski of Troutman Pepper Hamilton Sanders LLP has guided multiple high-profile and climate-focused public-private partnerships in her career, most recently playing a pivotal role in the $7 billion construction of Terminals 1, 2 and 3 at the John F. Kennedy International Airport, earning her a spot among the construction law practitioners under age 40 honored by Law360 as Rising Stars.
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August 07, 2024
Rising Star: Skadden's Anoush Sarkissian
Skadden Arps Slate Meagher & Flom LLP real estate counsel Anoush Sarkissian's work on major transactions such as advising alternative asset management company The RMR Group in an approximately $4 billion mortgage and mezzanine financing and its $80 million acquisition of multifamily real estate firm Carroll landed her a spot among the real estate attorneys under age 40 honored by Law360 as Rising Stars.
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August 07, 2024
Rising Star: Willkie's Melissa Fischetti
Melissa Fischetti of Willkie Farr & Gallagher LLP navigated SL Green's $1.76 billion acquisition of 245 Park Ave, New York, amid contentious bankruptcy proceedings brought without the preferred equity investor's approval, earning her a spot among the real estate practitioners under 40 honored by Law360 as Rising Stars.
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August 07, 2024
Shumaker Construction Pro Jumps To Carlton Fields In Fla.
Florida's real estate market and construction law practices are continuing their boom after the height of the pandemic, and Carlton Fields has bolstered its expertise in those areas by adding a former construction law partner from Shumaker Loop & Kendrick LLP.
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August 07, 2024
Eyeing Electrification, Governments Reroute Post-Berkeley
Before it was struck down by the Ninth Circuit, Berkeley, California's 2019 ban on natural gas hookups in new construction paved the way for municipalities seeking to decarbonize their buildings. Now, municipalities keen on clean construction are walking a delicate line around federal preemption.
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August 07, 2024
Goodwin Leader Says Life Sciences Is Overbuilt In Boston
In the first of a series of Q&A's looking at life sciences real estate in various U.S. markets, one of Goodwin Procter LLP's real estate leaders told Law360 that, after a COVID-19-related surge, demand has recently fallen, leaving the sector in Boston overbuilt. Forthcoming Q&A's this month will look at the sector in San Diego and the San Francisco Bay Area.
Expert Analysis
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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Ohio Tax Talk: The Legislative Push For Property Tax Relief
As Ohio legislators attempt to alleviate the increasing property tax burden, four recent bills that could significantly affect homeowners propose to eliminate replacement property tax levies, freeze property taxes for longtime homeowners, adjust homestead exemptions annually for inflation, and temporarily expand the homestead exemption, say Raghav Agnihotri and Rachael Chamberlain at Frost Brown.
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Tips For Advising CRE Owners Affected By Houston Storms
As Houston residents begin the arduous process of recovery after this month's devastating storms, attorneys should guide commercial real estate owners and managers toward immediate action under their insurance coverage to facilitate restoration and a return to normalcy, says Justin Ratley at Munsch Hardt.
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Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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How Real Estate Cos. Can Protect Their IP In The Metaverse
The rise of virtual and augmented reality creates new intellectual property challenges and opportunities for real estate owners, but certain steps, including conducting a diligence investigation to develop an understanding of current obligations, can help companies mitigate IP issues in the metaverse, says George Pavlik at Levenfeld Pearlstein.
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Ga. Law Creates Challenges For Foreign Ownership Of Land
Under Georgia's new law limiting certain foreign possessory interests in agricultural land and land near military properties, affected foreign persons and entities will need to do significantly more work in order to ensure that their ownership remains legal, say Nellie Sullivan and Lindsey Grubbs at Holland & Knight.
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Questions Remain After Mass. Adverse Possession Case
A recent Massachusetts Land Court decision, concerning an adverse possession claim on a family company-owned property, leaves open questions about potential applicability to closely held corporations and other ownership types going forward, says Brad Hickey at DarrowEverett.
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4 Takeaways From Biden's Crypto Mining Divestment Order
A May 13 executive order prohibiting the acquisition of real estate by a foreign investor on national security grounds — an enforcement first — shows the importance of understanding how the Committee on Foreign Investment in the United States might profile cross-border transactions, even those that are non-notified, say attorneys at Kirkland.
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Insurer Quota-Sharing Lessons From $112M Bad Faith Verdict
In Indiana GRQ v. American Guarantee and Liability Insurance, an Indiana federal jury recently issued a landmark $112 million bad faith verdict, illustrating why insurers must understand the interplay between bad faith law and quota-sharing before entering into these relatively new arrangements, say Jason Reichlyn and Christopher Sakauye at Dykema.
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Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Look At New IRS Rules For Domestically Controlled REITs
The Internal Revenue Services' finalized Treasury Regulations addressing whether real estate investment trusts qualify as domestically controlled adopt the basic structure of previous proposals, but certain new and modified rules may mitigate the regulations' impact, say attorneys at Simpson Thacher.
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How New Rule Would Change CFIUS Enforcement Powers
Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.
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Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.