NEW YORK, April 14, 2017 /PRNewswire/ -- iStar (NYSE: STAR) announced that the United States Court of Appeals for the Fourth Circuit affirmed in its entirety the judgment of the United States District Court for the District of Maryland in the matter of U.S. Home Corporation ("Lennar") v. Settlers Crossing, L.L.C., iStar Inc. ("iStar") et al.
The District Court determined that iStar was entitled to specific performance from Lennar in the amount of (i) the remaining $114 million purchase price due under a land sales contract, (ii) interest on unpaid amounts at a rate of 12.0% per annum from and after May 27, 2008 until paid, which totals approximately $121 million as of today, and (iii) real estate taxes and reasonable and actual attorneys' fees and costs.
A third party holds a 4.3% participation interest in all proceeds from the judgment.
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iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The Company is structured as a real estate investment trust ("REIT"), with a diversified portfolio focused on larger assets located in major metropolitan markets. Additional information on iStar is available on its website at www.istar.com.