Commercial
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December 10, 2024
Michigan Tribe Asks High Court To Undo Land Trust Order
A Michigan tribe is asking the Supreme Court to overturn a decision that rejected its bid to compel the federal government to take land into trust for a casino venture outside Detroit, arguing that if the ruling is left to stand, it will forever impair its ability to achieve economic self-sufficiency.
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December 10, 2024
Tribe Says Feds Cast Aside Calls For Consult On Ore. Casino
A number of Indigenous communities, along with state and federal lawmakers are calling on the federal government to take a harder look at Oregon's first proposed off-reservation casino project before its final approval, saying requests for tribal consultation on the endeavor have been ignored for more than a decade.
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December 10, 2024
Fried Frank Guides $300M Hotel Portfolio Refi
Fried Frank Harris Shriver & Jacobson LLP advised MCR's $300 million refinancing of a 22-hotel portfolio, allowing the company to retire existing debt with an outstanding balance of $280 million, the borrower announced Tuesday.
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December 10, 2024
Cousins Properties To Buy $521.8M Austin 'Lifestyle' Tower
Cousins Properties will buy an 804,000-square-foot, fully leased "lifestyle" office tower in Austin, Texas, for a net purchase price of $521.8 million in a deal slated to wrap in December, the real estate investment trust announced on Tuesday.
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December 10, 2024
Fontainebleau Closes $1.75B Refi Of Fla. Resorts
Hotelier Fontainebleau has obtained $1.75 billion in combined refinancing from JPMorgan and Goldman Sachs for two of its Florida resorts in a deal lined up by Newmark Group Inc., according to a Newmark announcement.
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December 10, 2024
99 Cents Only Assets Net $245M In Ch. 11 Liquidation
A real estate agency has announced it recovered $245 million by arranging sales of real properties and other assets of 99 Cents Only Stores in a bankruptcy case the discount retailer launched in April with more than $1 billion in debt.
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December 10, 2024
Skilled Nursing REIT Nabs $97M Midwest Portfolio
CareTrust REIT Inc. announced its purchase of a 46-facility skilled nursing and senior housing portfolio from the seller's bankruptcy proceedings, saying it has acquired the 3820-bed portfolio for $97 million.
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December 10, 2024
BakerHostetler Launches In Austin With Locke Lord Team
BakerHostetler said Tuesday that it is opening its Austin office — the firm's third office in Texas — and launching a new community development team led by a longtime Locke Lord LLP partner who joins alongside nine of her colleagues.
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December 10, 2024
NY AG Refuses To Drop $489M Fraud Case Against Trump
The office of New York Attorney General Letitia James has announced it won't drop its civil financial fraud case against President-elect Donald Trump, two of his sons, his companies and their executives, saying his upcoming inauguration has no bearing on litigating his appeal of the $489 million judgment.
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December 10, 2024
REIT Lands $92M Refinancing For Calif. Hotel
Creative Media & Community Trust Corp. secured a $92.2 million loan tied to a hotel in Sacramento, California, a refinancing that the real estate investment trust says will help it eventually retire an existing credit facility.
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December 10, 2024
Sheppard Mullin Guides Slate Property On $70M Queens Loan
Sheppard Mullin represented Slate Property Group in connection with a $70 million Queens construction loan the company acted as co-lender on, the law firm told Law360 Real Estate Authority on Tuesday.
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December 09, 2024
Honduras Looks To Duck $11B Claim From US Developer
The Republic of Honduras has told the International Centre for the Settlement of Investment Disputes it objects to immediately facing a nearly $11 billion investor-state dispute before an ICSID tribunal, saying it will only consent to arbitration after local remedies are exhausted.
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December 09, 2024
Vail Resorts Says Colo. District Can't Escape Debt Deal
A Colorado special district seeking to revive a lawsuit challenging an intergovernmental agreement from the early 2000s is only trying to avoid repaying millions of dollars in debt, Vail Resorts and another special district told a state appellate court.
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December 09, 2024
Real Estate Co. Closes $90M Refi Loan For Texas Hotel
CIM Group wrapped up a $90 million whole loan deal to refinance Brookfield Asset Management's 16-story, 367-key Downright Austin hotel in Texas, the real estate lender announced Monday.
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December 09, 2024
Insurer Asks 7th Circ. To Review Faulty Work Coverage Ruling
An insurer urged the Seventh Circuit on Monday to review a ruling requiring it to defend an architectural design firm and its owner against faulty work claims seeking more than $3.4 million in damages, saying the ruling is contrary to an Illinois Supreme Court decision involving the same issues.
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December 09, 2024
Riker Danzig To Leave Morristown For New Office In Madison
Riker Danzig LLP is striking out from its longtime home in Morristown, New Jersey, announcing recently it is moving to a new office at the Giralda Farms professional campus in Madison, New Jersey.
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December 09, 2024
Apollo, Santander Invest In $370M Infrastructure Portfolio
Private equity giant Apollo and commercial bank Santander on Monday unveiled plans to partner to invest in a $370 million portfolio of infrastructure credit.
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December 09, 2024
NYC Real Estate Week In Review
Fried Frank and Tannenbaum Helpern are among the law firms that handled work on the largest New York City real estate deals that hit public records last week, a period that saw three residential unit trades at one Manhattan building.
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December 06, 2024
Billionaires Show New Interest In Texas' Intermediate Courts
Billionaire-backed funding in Texas helped push a wave of Republican judges who swept races for intermediate appellate courts across the state, representing a new level of corporate spending in judicial races often marked by underfunded campaigns and low voter awareness.
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December 06, 2024
Wash. City Says Tribe's ER Shelter Sidesteps Safety Concerns
The city of Toppenish has told a Washington federal judge that the Yakama Nation has no right to use a local property within reservation boundaries to operate a 24-hour emergency cold weather shelter, arguing that building health and safety issues can't be sidestepped.
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December 06, 2024
J&J Seeks New Talc Trial As Developer Seeks $30M More
As Johnson & Johnson seeks to toss the underlying verdict, a real estate developer and cancer patient who was awarded $15 million in compensation from a talc trial jury has asked a Connecticut state judge to award another $30 million to punish the company for allegedly putting "profits over people."
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December 06, 2024
Property Plays: Valley, GSA, A's Stadium
Property Plays is a weekly roundup of the latest loans, leases, sales and projects around the country. Send your tips — all confidential — to realestate@law360.com.
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December 06, 2024
Ex-Conn. Official Seeks To Delay Trial Over Other Legal Case
Former Connecticut state budget official Konstantinos Diamantis asked a federal judge Friday to delay his upcoming corruption trial, because his preparation was derailed by the recent death of his mother and he and his counsel were forced to divide their attention with "another legal matter."
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December 06, 2024
Las Vegas Stadium Authority OKs $1.75B MLB Stadium
The Las Vegas Stadium Authority approved several crucial agreements for the city's incoming Major League Baseball team The Athletics, which will move from West Sacramento, California, to play in a new Las Vegas Strip stadium that's expected to cost $1.75 billion to build.
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December 06, 2024
$29.75M Deal Proposed To End Del. Latch Inc. SPAC Suit
Attorneys for investors who bought into Latch Inc.'s Tishman Speyer-led, $1.5 billion take-public deal only to see their shares nosedive have tentatively settled consolidated class damage claims for $29.75 million, according to a Delaware Court of Chancery filing.
CMBS Lending Is Higher Than It's Been In Years
The comedown of interest rates this past year has been a boon for the commercial mortgage-backed securities market, with the amount of issued CMBS up roughly 172% year-to-date as of November, according to Kroll Bond Rating Agency LLC.
What Real Estate Pros Learned About Office Sector In 2024
While the long-term story of the office sector post-pandemic is still yet to be told, 2024 offered some clues as to what may be in store for that asset class going forward.
Real Estate Lawyers On The Move
Nixon Peabody, Dorsey & Whitney and Baker McKenzie are among the law firms that have made recent real estate or construction hires.
Expert Analysis
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How Landlords Can Navigate Cannabis-Related Leases
As the cannabis industry continues to rapidly grow, landlords should consider a variety of lease terms and operational details that may help mitigate uncertainty involving federal laws, zoning restrictions and tax implications, says Kyla Baker at Holland & Knight.
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Lights, Camera, Real Estate: Preparing For Film Facility M&A
As the entertainment industry struggles to recover from multiple strikes and a decline in production, certain aspects of selling or acquiring production facilities may become important to consider, as these assets are valued very differently from typical commercial real estate properties, say attorneys at Olshan Frome.
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Corporate Liability Issues To Watch In High Court TM Case
The U.S. Supreme Court will hear arguments in a trademark dispute between Dewberry Group and Dewberry Engineers next week, presenting an opportunity for the court to drastically alter the fundamental approach to piercing the corporate veil, or adopt a more limited approach and preserve existing norms, say attorneys at Bracewell.
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Plugging Gov't Leaks Is Challenging, But Not A Pipe Dream
As shown by ongoing legal battles involving New York City Mayor Eric Adams and Sean “Diddy” Combs, it’s challenging for defendants to obtain relief when they believe the government leaked sensitive information to the media, but defense counsel can take certain steps to mitigate the harm, says Kenneth Notter at MoloLamken.
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A Legal Perspective On NYC's Retail Real Estate Evolution
As New York City's retail market begins to show signs of resilience after the challenges of recent years, landlords must be cognizant of legal implications from shifting trends toward shorter-term leases and pop-up stores, says Andrea Gendel at Pryor Cashman.
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What Interest Rate Cuts Mean For Housing Markets
The Federal Reserve's recent reduction of interest rates may provide limited immediate relief for real estate sectors, but offers potential opportunities for commercial real estate investors and construction firms, which now face an environment ripe for new projects, say attorneys at Cozen O'Connor.
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How CFIUS' Updated Framework Affects Global Investors
The recent change to the monitoring and enforcement regulations governing the Committee on Foreign Investment in the United States will broaden administrative practices around nonnotified transaction investigations, increase the scope of information demands from the committee and accelerate its ability to impose mitigation on parties, say attorneys at Simpson Thacher.
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Foreclosing Lenders Still Floating In Murky Legal Waters In NY
The New York foreclosure landscape remains in disarray after the state's highest court last month declined to weigh in on whether legal changes from 2022 that severely curtailed lenders' ability to bring successive foreclosure cases were retroactive, says Brian Rich at Barclay Damon.
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Notable Q3 Updates In Insurance Class Actions
Total loss valuation cases and labor depreciation cases dominated the past quarter of insurance class actions, with courts continuing to reject challenges to condition adjustments in the former, and a pro-insured trend persisting in the latter, say attorneys at BakerHostetler.
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NYC Hotel Licensing Law's Costs May Outweigh Its Benefits
A hotel licensing bill recently approved by New York's City Council could lead to the loss of many nonunionized hotels that cannot afford to comply, says Stuart Saft at Holland & Knight.
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Calif. Ruling Offers Hope For Mitigated Negative Declarations
In Upland Community First v. City of Upland, a California appeals court upheld a warehouse development's mitigated negative declaration over its greenhouse gas emissions thresholds — a rare victory against this type of challenge providing reassurance that such declarations can be upheld, say attorneys at Sheppard Mullin.
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There's No Crying In Property Valuation Baseball Arbitration
The World Series is the perfect time to consider how the form of arbitration used for settling MLB salary disputes — in which each side offers competing valuations to an arbitrator, who must select one — is often ideal for resolving property valuation disputes, say Sean O’Donnell at Herrick Feinstein and Mark Dunec at FTI Consulting.
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Webuild Ruling Complicates Arb. Award Enforcement In US
A Delaware federal court's recent decision in Sociedad Concesionaria Metropolitana de Salud v. Webuild, if read literally, could undercut the United States' image as a proarbitration jurisdiction by complicating creditors' efforts to enforce awards against property in this country, says Jeff Newton at Omni Bridgeway.