Commercial
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February 14, 2025
Adams Case Careens Toward 'Messy' Hearing, Experts Say
The Manhattan federal judge overseeing the corruption case against New York City Mayor Eric Adams is unlikely to rubber stamp a request from the U.S. Department of Justice to toss the case and may instead hold a hearing on the matter, which could get "messy" and "embarrassing," experts say.
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February 14, 2025
DOJ Files Motion To Drop Adams Case After Prosecutors Exit
The U.S. Department of Justice filed a motion to dismiss the corruption case against New York City Mayor Eric Adams, following a flood of resignations by government lawyers who defied a top DOJ official's orders to drop the charges for political reasons.
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February 14, 2025
Akerman Brings On GC For Land Developer In Miami
Akerman LLP has expanded its real estate practice in Miami with a partner who formerly served as general counsel for the land developer of a master-planned community in South Florida.
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February 14, 2025
Developers Break Ground On New Orleans Office Project
Cypress Equities and Lauricella Land Co. announced that they have broken ground on an eight-story office tower in New Orleans' River District, adding that the project is the first Class A office building built within city limits since 1989.
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February 14, 2025
Data Center Execs See DeepSeek, Efficient AI As A Positive
Heads of two of the biggest data center companies said over the past week that the efficiencies of DeepSeek's artificial intelligence models are a boon for them and their industry, comments that come after their stock prices oscillated following news of the Chinese startup's product.
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February 14, 2025
Simpson Guides KKR On $850M-Plus Real Estate Credit Fund
Global investment giant KKR, advised by Simpson Thacher & Bartlett LLP, announced on Friday it had clinched its second opportunistic real estate credit fund, raising over $850 million for a dedicated strategy of investments in senior loans and real estate securities in the U.S. and Western Europe.
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February 14, 2025
What REITs Should Know About ESG Under Trump
Public companies in the real estate space should heed President Donald Trump's orders dismantling diversity, equity and inclusion initiatives and think about what those directives mean for their environmental, social and corporate governance practices, a Sidley Austin LLP practice leader said.
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February 13, 2025
Calif. Fire Debris Ruling Raises LA Blaze Recovery Concerns
A California appellate court's ruling that two homeowners didn't have a covered claim for wildfire debris in their home has raised policyholder concerns that the decision could restrict coverage for Los Angeles fire victims, but some carrier lawyers say the ruling's impact could be limited to claims for lighter damage.
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February 13, 2025
Eric Adams Donor Accused Of Stealing COVID Housing Funds
A New York City hotel owner with ties to Mayor Eric Adams was among three individuals accused of scheming to steal tens of millions of dollars from a program intended to get certain incarcerated individuals out of detention centers during the COVID-19 pandemic, according to an indictment unsealed Thursday.
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February 13, 2025
Exec Cops To Conspiring To Overbill Gov't In Station Project
A former executive for a masonry contractor involved in the multimillion-dollar restoration of Philadelphia's historic 30th Street Station has admitted to a scheme that involved bribing an Amtrak employee to overcharge the federal government $2 million for the project, the U.S. Attorney's Office in Philadelphia said Thursday.
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February 13, 2025
NC Biz Court Bulletin: Defaulted Notes, EB-5 Investor Fraud
The North Carolina Business Court has been handed in the first half of February a receivership case involving a defaulted $17.5 million promissory note, a fraud suit by Chinese EB-5 investors and a request to depose the chief legal officer of Smithfield Foods Inc.
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February 13, 2025
Ashford Closes $580M Mortgage Loan Secured By 16 Hotels
Dallas-based Ashford Hospitality Trust said it has secured $580 million in financing to pay off debt coming due this summer with a new loan secured by 16 properties, part of a nearly $1 billion portfolio in default after a 2018 deal.
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February 13, 2025
Profs Back Hotel Guests In 3rd Circ. Algorithmic Pricing Case
A group of academics has joined antimonopoly groups to support hotel guests accusing several Atlantic City casino hotels of using shared software to fix room rates in their Third Circuit fight to revive their suit.
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February 13, 2025
Brookfield Eyes Data Centers In Optimistic Market Outlook
Canadian asset manager Brookfield Corp. said Feb. 13 in its fourth-quarter earnings call it expects the real estate market to recover, and sees big investment opportunities at the intersection of infrastructure and renewable power for data centers.
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February 13, 2025
Buyer Seeks $3.5M Price Cut Over Bungled Conn. Mill Cleanup
A property developer has asked a Connecticut Superior Court judge to lower the purchase price of a polluted industrial site in Branford from $6 million to $2.5 million, saying the seller failed to develop legitimate remediation plans and breached a settlement agreement that ended prior litigation.
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February 13, 2025
Three Firms Guide $375M Data Center Bridge Financing
Applied Digital Corp. closed on a $375 million financing with SMBC in a deal guided by Milbank, Lowenstein Sandler and Paul Hastings, a loan that the company says will help it pay down a senior secured note and continue construction on a North Dakota campus.
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February 13, 2025
NYC Man Pleads Guilty To $62.8M Crowdfunded CRE Scheme
A New York City man who raised $62.8 million through commercial real estate platform CrowdStreet for sham developments in Atlanta, Georgia, and Miami Beach, Florida, has pled guilty to a federal wire fraud charge.
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February 13, 2025
SDNY US Atty Resigns, Alleging Trump-Adams 'Quid Pro Quo'
Danielle R. Sassoon, the interim U.S. attorney for the Southern District of New York, resigned Thursday after she refused an order by U.S. Department of Justice officials to drop the federal corruption charges against New York City Mayor Eric Adams and expressed concern the move was part of an improper quid pro quo with President Donald Trump.
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February 13, 2025
Developer Starts $1B Fla. Mixed-Use Redevelopment Project
Terra started work on the first phase of its $1 billion redevelopment project that aims to turn the Dolphin Station Park-and-Ride Transit Terminal Facility in Miami-Dade County into a 47-acre, mixed-use community with transit options, homes and places to shop, the developer announced Feb 13.
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February 12, 2025
Avison Young CEO Urges Steadiness For Real Estate In 2025
The head of global commercial real estate services firm Avison Young on Wednesday encouraged keeping a focus on the cyclical nature of the industry and long-term principles in the face of numerous current uncertainties in the world.
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February 12, 2025
Rhodium Says Landlord Tried To 'Destroy' It In $300M Suit
Bankrupt Bitcoin mining company Rhodium Encore has filed a $300 million lawsuit in Texas bankruptcy court accusing competitor Riot Platforms and landlord and power provider Whinstone US Inc. of sabotaging its business and driving it into bankruptcy.
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February 12, 2025
Developer Trio Plans To Build 1,600-Foot Manhattan Tower
Vornado Realty Trust, Rudin Management and Citadel are aiming to put up a roughly 1,600-foot tower on Park Avenue in Manhattan, and Law360 has added that project to its Tall Buildings Tracker.
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February 12, 2025
4 Va. Bills That Data Center Industry Insiders Should Watch
Efforts to regulate data centers in Virginia, the home of the world's biggest data center market, have largely flamed out during this year's legislative session. But some bills proposing more rules for the fast-growing industry might cross the finish line.
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February 12, 2025
Texas Real Estate Firm Closes $58M Self-Storage Fund
HPI closed its latest self-storage fund after raising more than $58 million worth of capital commitments from old and new investors, the Texas-based real estate investment firm announced Wednesday.
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February 12, 2025
Investors Returned To Capital Markets In 2024, Colliers Says
Capital markets activity built momentum throughout 2024 after property buyers and sellers began adjusting pricing following a recent turbulence, with commercial broker Colliers projecting further growth in 2025.
Expert Analysis
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How Investors Can Seize Renewables Opportunities In RE
As governments and stakeholders increasingly focus on sustainability in the real estate sector, investors could capture significant upside by implementing an operational real estate strategy focused on renewable energy sources, say attorneys at Goodwin.
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Insurance Cos. Are Stretching Construction Standard Limits
In the construction sector, the importance of closely vetting downstream parties' insurance policies has never been more critical — owners and general contractors need to be on the lookout for ever broader carrier-specific expansions of standard insurance provisions that are perilous for risk transfer, says Eric Clarkson at Saxe Doernberger.
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Potential WeWork Bankruptcy May Disrupt Coworking Spaces
If WeWork files for bankruptcy, as hinted at in its recent quarterly earnings report, landlords may struggle to take over management of WeWork's coworking spaces, but the coworking industry as a whole is showing some promise in adapting to the market's evolving post-pandemic office needs, says Ann Chandler at Hall Estill.
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A Cautionary Tale Of Flawed Debt Accounting And SEC Fines
The U.S. Securities and Exchange Commission's recent improper-accounting charges against Malvern Bancorp and its ex-CFO highlight crucial practice issues, including the need to objectively evaluate borrowers' credit, say attorneys at Arnold & Porter.
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Bat's Newly Endangered Status Likely To Slow Development
A recent change in the classification of the northern long-eared bat from "threatened" to "endangered" could have significant effects on development in large portions of the Eastern and Southeastern U.S. — and in the absence of straightforward guidelines, developers will have to assess each project individually, says Peter McGrath at Moore & Van Allen.
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Litigation Can Facilitate EB-5 Investor Visa Determinations
Processing times in the EB-5 investor visa program continue to rise, but filing a mandamus claim in the right venue against U.S. Citizenship and Immigration Services may offer applicants mired in delay a means to expedite processing, says Mark Stevens at Clark Hill.
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Regulators Must Get Creative To Keep Groundwater Flowing
Even as populations have boomed in Sun Belt states like Arizona, California and Texas, groundwater levels have diminished due to drought and overuse — so regulators must explore options including pumping limits, groundwater replenishment and wastewater reuse to ensure future supplies for residential and commercial needs, says Jeffrey Davis at Integral Consulting.
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Key Provisions In Florida's New Insurer Accountability Act
Florida's recent bipartisan Insurer Accountability Act introduces a range of new obligations for insurance companies and regulatory bodies to strengthen consumer protection, and other states may follow suit should it prove successful at ensuring a reliable insurance market, say Jan Larson and Benjamin Malings at Jenner & Block.
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Best Practices For Lenders To Limit Recourse Liability
As projects face loan maturities in a higher interest rate environment, lenders should diligently observe even seemingly innocuous formalities following an event of default in order to minimize potential recourse liability, especially when borrowers have certain covenants, say Ryan Goins and Matthias Kleinsasser at Winstead.
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The Basics Of Being A Knowledge Management Attorney
Excerpt from Practical Guidance
Michael Lehet at Ogletree Deakins discusses the role of knowledge management attorneys at law firms, the common tasks they perform and practical tips for lawyers who may be considering becoming one.
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Rising Interest Rates Bring Risk For Construction Contractors
With rising interest rates causing many construction projects to be slowed or halted, it's important for general contractors to implement safeguard measures against the risk of significant financial losses caused by owner-driven schedule modifications, says Kevin Riexinger at Gfeller Laurie.
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Keys To Navigating The Post-Pandemic CRE Market
Excerpt from Practical Guidance
As the commercial real estate market continues to face repercussions from the COVID-19 pandemic, lawyers should use office occupancy and leasing volume numbers to anticipate future trends and help guide clients through an uncertain landscape, says Joseph Calvanico at J2C Valuations.
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How Rate Exportation Is Shifting Amid Regulatory Trends
All banks and their partners, including fintechs, that wish to lend to borrowers in multiple states and charge uniform interest rates should heed regulatory developments across the country and determine how best to mitigate risks in their efforts to offer credit to consumers on a nationwide basis, say attorneys at Ballard Spahr.