Commercial Real Estate Finance

Posts Tagged ‘LandAmerica’

Back on November 26, 2008, LandAmerica Financial Group, the third largest 1031 exchange intermediary at the time, filed for bankruptcy protection. Its subsidiary, LandAmerica 1031 Exchange Services (LES) filed for voluntary relief under Chapter 11 of the bankruptcy code. At the time, LES was the intermediary for over 450 incomplete transactions.

With a recent ruling by a U.S. Bankruptcy Court in the case of Millard Refrigerated Services vs. LandAmerica 1031 Exchange Services, any seller might now risk having some or all of their money completely out of their control if it was set aside with an intermediary for a tax-deferred exchange.  1031 intermediaries were once known as “safe harbors”, essentially as a safe place to dock one’s proceeds from a sale until they could find another property with which to use the funds to buy, thus completing their 1031 exchange, and protecting their capital gains from being taxed by the federal government. Well apparently, these safe harbors ain’t so safe anymore. Read the rest of this entry »

The Week of May 22-29

- The 177-Store anchor Blue Denim chain filed for bankruptcy.

- HUD took action against 120 FHA -approved lenders earlier this week.

- Grubb & Ellis reported Wider Quarterly, and Yearly Losses.

- A new report came out detailing that Manhattan Sales have reached a 25 year low.

- FHA announced it is allowing first time home buyers to sue the much ballyhooed tax credit towards their down payment.

- Fitch Ratings has downgraded First Industrial.

- Giant real estate player Tischman Speyer has announced they will sell some California assets to pay down debt.

- News broke on Tuesday that two more banks have failed.

- Sequoia Equities announced the acquisition of a $75M multifamily luxury apartment complex in Orange County, CA.

- S&K Menswear will be closing all remaining stores in bankruptcy

- A Westin hotel developer accused a local councilman of extortion.

- Sunstone sold a 274-room Marriott.

- Paramount Realty bought a prime retail center.

- Freddie Mac could help out the commercial backed securities market with
K-Certificates.

- LandAmerica sold 6 of its subsidiaries last weekend.