Commercial
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May 07, 2024
Steward Health Gets Ch. 11 Loan, Says It Plans Hospital Sales
A Texas bankruptcy judge Tuesday allowed Steward Health Care to take out $75 million in Chapter 11 financing to meet its next-day payroll after being told the hospital chain plans to sell facilities to pay down its $9 billion in debt.
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May 07, 2024
Lender Shanks Bid To Halt Ga. Golf Course Auctions
A Georgia federal judge on Tuesday denied successive efforts from a lender to wrest control of the assets of an Atlanta-area golf club owner, whom attorneys for the lender describe as a "serial fraudster" likely to abscond with his assets while still owing millions on a 2023 loan.
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May 07, 2024
Title Insurer Gets Partial Win Against Lender In Lien Dispute
A lender seeking coverage from its title insurer for mechanic's lien claims after the owner of a senior living community defaulted on its $26 million construction loan can only potentially get coverage under a disbursement endorsement in its policy, a Colorado federal court ruled, finding an exclusion applicable.
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May 07, 2024
Colo. House OKs Conservation Easement Tax Break Extension
Colorado would extend its conservation easement tax credit through 2031 and raise its statewide annual cap on available credits under legislation approved Tuesday by the state House of Representatives.
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May 07, 2024
Judge Rips 2nd Circ.'s 'Erroneous' Ruling In Sears Lease Spat
A New York federal district judge ruled that Sears Holdings Corp.'s lease for the Mall of America in Minneapolis should be returned to the bankrupt retail chain's liquidating trustee, saying that the decision gives "scant comfort" as it removed from the books "an obviously outlier ruling" by the Second Circuit.
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May 07, 2024
Vornado Exec 'Couldn't Be More Optimistic' About NYC Retail
Retail property values and leasing activity are recovering in prime parts of Manhattan, particularly among storefronts along Fifth Avenue and in Times Square, a Vornado Realty Trust executive said on Tuesday.
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May 07, 2024
DLA Piper Pads Real Estate Group With New Chicago Partner
DLA Piper has added a partner to the firm's real estate practice group who will join from Katten Muchin Rosenman LLP, saying the new hire's expertise spans asset classes and deal types.
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May 06, 2024
US Industrial Market Facing High Vacancy Rate, Report Says
In 2024's first quarter, the U.S. industrial real estate market faced an imbalance of supply and demand for the eighth consecutive quarter, along with a high vacancy rate, even as leasing activity grew 2.2% compared to 2023's first quarter, according to a CBRE report released Monday.
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May 06, 2024
Colo. Lawmakers OK Land Cleanup Tax Credit Extension
Colorado would extend its income tax credit for certain costs of environmental remediation of contaminated property for five years under legislation approved unanimously Monday by the state Senate and sent to the governor.
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May 06, 2024
Latham & Watkins, Simpson Thacher Steer Healthcare JV
Healthcare Realty Trust Inc. and KKR announced on Monday that the two have entered a joint venture to own and invest in quality medical outpatient buildings, in a deal guided by Latham & Watkins LLP and Simpson Thacher & Barlett LLP.
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May 06, 2024
British National Admits To Coworking Business Ponzi Scheme
A British citizen pled guilty Friday in Manhattan federal court to participating in a scheme to solicit investments using fraudulent misrepresentations about a coworking company where he was a principal.
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May 06, 2024
NYC Real Estate Week In Review
Day Pitney landed work on the largest New York City real estate transaction that hit public records last week, a period that saw several large residential condo-unit deals become public.
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May 06, 2024
PE Firm Plans To Raise Up To $600M For Real Estate AI Tools
Reborn Developments intends to raise $100 million to $600 million over the next year to support its Rekaliber project, which aims to create artificial intelligence tools for real estate professionals and real estate institutions, the private equity firm has announced.
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May 03, 2024
Florida Court Revives County's Suit Over Fairgrounds Deal
A Florida appeals court on Friday revived Hernando County's lawsuit against a local county fair association over a broken contract to redevelop a county fairgrounds property, ruling that it is not clear the lawsuit is time-barred.
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May 03, 2024
'Reckless' NY Developer Owes Investor $3M+, Suit Says
A real estate investor is owed at least $3 million tied to its stake in a commercial development project in Shelton, Connecticut, according to a lawsuit in state court that accuses a Brooklyn-based developer of misusing money.
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May 03, 2024
Investors Claim Data Center REIT Manipulated Financials
A proposed class of Equinix Inc. shareholders has accused the data-center-focused real estate investment trust in California federal court of artificially inflating its financial metrics.
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May 03, 2024
AI Drives Record-Breaking Leasing For Digital Realty
A rising demand for data centers, partly stemming from advances in artificial intelligence technology, helped Digital Realty Trust see record leasing numbers in the first quarter of 2024, executives said during a May 2 earnings call.
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May 03, 2024
IRS Expects Updates To Hydrogen Credit Emissions Model
The Internal Revenue Service expects the U.S. Department of Energy to update a model used to determine eligibility for the new clean hydrogen production tax credit under recently proposed rules, an IRS attorney said Friday.
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May 03, 2024
Alterra Raises $925M For Industrial Outdoor Storage Fund
Alterra Property Group announced that it raised nearly $1 billion for a fund that will invest in industrial outdoor storage assets, around $200 million more than the company had set out to raise.
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May 03, 2024
Sullivan & Worcester Finds A New Manhattan Home
Sullivan & Worcester has announced that it has relocated its New York office, its second largest, signing a seven-year lease with a 54-story office tower just a short walk from its previous space.
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May 03, 2024
Brothers Accuse Cos. Of Mishandling $1.1M EB-5 Investments
Two brothers from India sued companies behind a combination residential-resort project they invested in under the EB-5 investor visa program, telling a Florida federal court that their green card petitions were denied because the companies mishandled their $1.1 million investment.
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May 03, 2024
Akerman Hires Miami-Dade Atty As Chair Of Land Use Team
Akerman LLP hired Dennis A. Kerbel, a veteran Miami-Dade County, Florida, government attorney, as the new chair of its land use and entitlements team in its Miami office, the firm announced.
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May 03, 2024
Debevoise, Davis Polk Guide Windstream, Uniti Merger
Uniti Group Inc., advised by Davis Polk & Wardwell LLP, on Friday unveiled plans to merge with Debevoise & Plimpton LLP-led telephone service company Windstream Holdings II LLC in a deal that includes a $425 million cash component, $575 million in preferred equity and a minority share in common equity of the combined company.
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May 03, 2024
Terreno Realty Buys $364.5M Industrial Portfolio
San Francisco-based Terreno Realty Corp. said Friday that it has purchased a portfolio of industrial properties in New York City, northern New Jersey, the San Francisco Bay Area and Los Angeles for $364.5 million.
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May 02, 2024
Over $2.6B In Dirty Money Hidden In Commercial Real Estate
The U.S. has seen at least $2.6 billion of commercial properties used in known money laundering cases over the last two decades, a figure that is likely below the reality and demonstrative of gaps that may exist in federal financial crimes policy, according to a report.
Expert Analysis
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Rare Reg A+ Fines Reflect New Era Of SEC Enforcement
The U.S. Securities and Exchange Commission's recent announcement of civil penalties against 10 microcap companies for violations of Regulation A+ shows that as the SEC continues to expand its enforcement efforts, its focus remains on protecting investors of all sizes — including those investing in the historically less-scrutinized Reg A+ issuers, say attorneys at Crowell & Moring.
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Factors To Consider When Structuring Data Center Contracts
Data center leases and service agreements grant very similar rights and impose similar obligations, but they also hold notable differences and a range of factors that are important to consider when selecting which form of agreement to use, say attorneys at Mayer Brown.
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Rethinking Mich. Slip-And-Fall Defense After Top Court Ruling
The Michigan Supreme Court recently overturned three decades of premises liability jurisprudence by ruling that the open and obvious danger defense is no longer part of a traditional duty analysis, posing the question of whether landowners will ever again win on a motion for summary dismissal, say John Stiglich and Meriam Choulagh at Wilson Elser.
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Subchapter V Eligibility Ruling Raises Uncertainty For Tenants
A Virginia bankruptcy court’s recent ruling in Macedon Consulting — that all remaining rent under a lease should be factored into a lessee's Subchapter V eligibility — raises the question, but does not address, how a court should calculate the amount of debt owed under a lease, creating significant risk for potential tenant debtors, says Sam Ashuraey at Ashuraey Law.
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Parsing Tax Implications Of NYC Office Leasing Transactions
Though New York City's tax laws generally do not require negotiated contractual risk allocation in the case of sublease and early lease termination transactions, it is still helpful for counsel to both landlords and tenants to understand the laws' nuances, say attorneys at Lowenstein Sandler.
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Caregiver Flexibility Is Crucial For Atty Engagement, Retention
As the battle for top talent continues post-pandemic, many firms are attempting to attract employees with progressive hybrid working environments — and supporting caregivers before, during and after an extended leave is a critically important way to retain top talent, says Manar Morales at The Diversity & Flexibility Alliance.
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NY's Take On Premises Insurance Policies: What's In A Name?
A New York appellate court's recent decision in Wesco Insurance v. Fulmont Mutual Insurance — requiring insurance coverage for a property owner not named on the policy — strengthens a state case law trend creating a practical exception in premises liability cases to normally strict requirements for coverage, says Craig Rokuson at Traub Lieberman.
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Bankruptcy Ruling Shows Section 363's Magic Has Its Limits
The Ninth Circuit Bankruptcy Appellate Panel's recent ruling in Groves demonstrates that Section 363 — which allows a debtor-in-possession to sell their property in order to generate cash — fails as a tool when it’s used to turn a nondebtor entities' property into property of a debtor's bankruptcy estate, says Brian Shaw at Cozen O'Connor.
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In-Office Engagement Is Essential To Associate Development
As law firms develop return-to-office policies that allow hybrid work arrangements, they should incorporate the specific types of in-person engagement likely to help associates develop attributes common among successful firm leaders, says Liisa Thomas at Sheppard Mullin.
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Shifts In The CRE Landscape Demand Creative Loan Solutions
An increase in commercial real estate loan workouts makes it critical for borrowers, lenders and other CRE participants to examine all the available options and remedies, including mortgage and mezzanine foreclosures, bankruptcy filings and property short sales, say attorneys at Goulston & Storrs.
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How To Recognize And Recover From Lawyer Loneliness
Law can be one of the loneliest professions, but there are practical steps that attorneys and their managers can take to help themselves and their peers improve their emotional health, strengthen their social bonds and protect their performance, says psychologist and attorney Traci Cipriano.
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A Smoother Process For CRE Receiverships In Conn.
A newly effective Connecticut law concerning distressed commercial real estate provides a number of opportunities and strategic considerations for creditors, and should be watched even by counsel in other states as adoption of the law could become more widespread, say John Loughnane and Steven Coury at White and Williams.
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What Came Of Texas Legislature's Long-Promised Tax Relief
Following promises of historic tax relief made possible by a record budget surplus, the Texas legislative session as a whole was one in which taxpayers that are large businesses could have done somewhat better, but the new legislation is clearly still a positive, say attorneys at Baker Botts.