Fishman Haygood prevailed on a securities law issue of first impression before the United States Court of Appeals for the Fifth Circuit.  Citing the Delaware Supreme Court, the Fifth Circuit overturned the district court’s ruling that Louisiana investors in Delaware hedge funds lacked standing to bring securities fraud claims against their former investment advisers under Louisiana law because Delaware law would require the investors to join the fund in a derivative action.  …

Fishman Haygood client, Stirling SST Con1, L.L.C. (an affiliate of Stirling Properties, L.L.C.), sold a portfolio of Walgreens stores to ExchangeRight, a real estate firm in Pasadena, California.  The sale involved the defeasance of a commercial mortgage-backed securitized loan held by U.S. Bank National Association, and the replacement of the mortgage collateral with government-backed securities.  The sale closed on August 14, 2019. Steven Serio and Carson Haddow were Stirling’s counsel for the transaction.  

All of the Who’s Who Legal-Real Estate “Thought Leaders-Global Elite 2019” in the United States, including Fishman Haygood Partner Scott Willis, are Fellows of the American College of Real Estate Lawyers (ACREL). ACREL is national organization comprised of outstanding real estate attorneys. …

The Community Development Financial Institutions (CDFI) Fund today announced the opening of the calendar year 2019 allocation round of the federal new markets tax credit (NMTC). Applications are due October 28, 2019. The CDFI Fund anticipates announcing 2019 NMTC awards in summer 2020. The CDFI Fund provides resources including an introduction to the NMTC program, the NMTC program application, the Notice of Allocation Availability (NOAA), an Awards Management Information System navigation guide, an application FAQ and an application roadmap presentation here.

The Opportunity Zones (“OZ”) tax incentive allows taxpayers to defer until 2026 taxes on capital gains if those profits are reinvested in opportunity funds–which are equity funds that invest in businesses in opportunity zones.  Read more about Opportunity Zones here.  If you have questions about Opportunity Zones, contact Charles Landry.

Real Estate Developers in Louisiana can receive tax dollars to enhance projects through Economic Development Districts (EDDs).  EDDS are strictly defined geographic areas that are authorized and created by ordinance of the city or parish where they are located.  The vast majority of EDDs generate tax revenues for real estate developments from sales and use taxes and hotel occupancy taxes, though property taxes may also be used.  Read more about EDDs here. If you have questions about Opportunity Zones, contact John Werner or  Charles Landry.