Residential
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August 02, 2024
Judge Sides With NYC Mayor In Housing Voucher Fight
A New York state judge ruled against a proposed class of New Yorkers who want Mayor Eric Adams to implement a set of four laws that aimed to expand the city's housing voucher program.
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August 02, 2024
Prosecutors Back NJ Judicial Privacy Law's Constitutionality
Daniel's Law is a "commonsense" measure necessary to counter the surge in threats and violence against judges and law enforcement officers, and it places only a "modest" burden on commercial data brokers, federal prosecutors told a New Jersey federal court weighing the future of the law.
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August 02, 2024
Land Sale Deals Allowed In Colo. Eminent Domain Dispute
A Colorado appeals court ruled against the city of Westminster in its eminent domain action, ruling that three comparable sales contracts and an adjacent land parcel's $51.5 million purchase and sale contract can be admitted as evidence in a valuation trial.
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August 02, 2024
LaVie Agrees To Narrowed Ch. 11 Discovery With Creditors
Bankrupt skilled-nursing facility operator LaVie Care Centers reached an agreement on Friday with the official committee of unsecured creditors in its Chapter 11 case that will allow for narrower discovery demands than originally proposed by the creditors, who are interested in the circumstances surrounding prepetition facility sales.
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August 02, 2024
Property Plays: VICI, Host Hotels, Tampa Bay Rays
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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August 02, 2024
3 Real Estate Investors Cop To $119M Mortgage Fraud Scheme
A trio of real estate investors has admitted to running an extensive, multiyear conspiracy to defraud Fannie Mae by getting the company to purchase or fund $119 million worth of mortgage loans so they could acquire residential and commercial properties, the U.S. Department of Justice announced Thursday.
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August 02, 2024
Haynes Boone Guides Brooklyn Apartment $150M Refi
The developers behind a multifamily development in Brooklyn secured a $150 million refinancing from a fund linked to TPG RE Finance Trust Inc. under the guidance of Haynes and Boone LLP, per county property records.
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August 01, 2024
Cos., Military Housing Lender Seek Early Wins In Loans Suit
Developers of military housing and a lender for such housing filed dueling summary judgment motions in New York federal court Wednesday, each seeking a quick win in a suit accusing the lender and others of defrauding the developers of hundreds of millions of dollars in project proceeds.
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August 01, 2024
Senate Advances Bipartisan Bill To End Hotel 'Junk' Fees
The U.S. Senate voted to advance a bill out of committee that would crack down on "junk fees," or hidden fees tacked on to hotel or short-term rental bookings, an idea that has drawn bipartisan support.
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August 01, 2024
Real Estate Lawyers On The Move
Honigman and Gordon Rees are among the firms that have made recent real estate or construction hires.
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August 01, 2024
Mother-In-Law Says Atty Misrepresented Property Investment
The owner of a Pittsburgh-based home care agency is suing her former son-in-law in Pennsylvania state court, claiming the attorney tricked her into investing in a real estate company then mismanaged its funds and withheld her share of the proceeds.
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August 01, 2024
Investor Hits Arbor Realty With Securities Fraud Claims
An investor accused real estate investment trust Arbor Realty Trust Inc. in New York federal court of misleading its investors about how the REIT was doing financially.
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August 01, 2024
Gibson Dunn, Fried Frank Guide $560M NYC Tower Refi
Ares Management and Douglaston Development secured a $560 million refinancing for the pair's 938-unit Manhattan residential tower originated by Goldman Sachs USA and Wells Fargo Bank NA, guided by Gibson Dunn & Crutcher LLP and Fried Frank Harris Shriver & Jacobson LLP.
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July 31, 2024
Top California Real Estate News In 2024 So Far
Catch up on the hottest real estate news out of California so far this year, from homeless policy shifts and rent algorithm disputes to a $5 billion mixed-use project and a shareholder activist campaign.
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July 31, 2024
HSBC Says HUD Has Closed Fair Lending Probe
HSBC's U.S. banking arm said it is no longer facing a multicity fair lending investigation from federal housing authorities after an outside complaint that prompted the probe was withdrawn.
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July 31, 2024
Multifamily REIT Welcomes Lagging West Coast Supply
Essex Property Trust told investors on Wednesday that the real estate investment trust has benefited from the West Coast's failure to meaningfully expand its supply of multifamily properties.
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July 31, 2024
Mortgage Co.'s $300K Wage Deal Gets Initial OK
A California federal judge has given an initial stamp of approval to a $300,000 settlement between a mortgage company and a class of its employees, ending claims that the company failed to pay hourly wages or provide meal and rest breaks.
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July 31, 2024
Cities, States Weigh Homeless Policies Post-Grants Pass
In the weeks since the U.S. Supreme Court ruled that an Oregon city's camping ban doesn't amount to cruel and unusual punishment of its unhoused residents, municipal and state governments are rethinking their approach to homeless encampments and weighing newfound authority.
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July 31, 2024
Ga. Panel Strikes Sanctions Without Day In Court In HOA Row
A Georgia Court of Appeals panel said Wednesday a Fulton County trial judge wrongly entered sanctions against a woman without holding a hearing after she failed to attend depositions with an Alpharetta homeowners association.
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July 31, 2024
Age Limits On Owning Senior Units Unlawful, NJ Panel Says
A New Jersey appellate panel on Wednesday backed a lower court's finding that a Garden State municipality's ordinance limiting property ownership in senior housing communities to those 55 years old or older violated the federal Fair Housing Act and state Law Against Discrimination, holding that both statutes prohibit discrimination based on familial status.
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July 31, 2024
Locke Lord CMBS Leader On Why Multifamily Deals Scare Him
While the multifamily sector experienced significant growth in the first two years of the COVID-19 pandemic when others like the office sector have struggled, continued high interest rates are now starting to have more of an impact on the multifamily space, a Locke Lord LLP commercial mortgage-backed securities leader told Law360 in a recent interview.
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July 31, 2024
Rising Star: Kirkland's James Clark
James Clark of Kirkland & Ellis LLP has for years worked on one of the world's largest development and infrastructure projects — a Herculean undertaking in Saudi Arabia — and in the process has earned a spot among the construction law practitioners under age 40 honored by Law360 as Rising Stars.
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July 31, 2024
Rising Star: Fried Frank's Julianne Befeler
Julianne Befeler of Fried Frank Harris Shriver & Jacobson LLP has been a key adviser on complex commercial real estate transactions for heavy hitters including Brookfield Asset Management, Brookfield Properties and Blackstone Inc., earning her a spot among the real estate law practitioners under age 40 honored by Law360 as Rising Stars.
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July 31, 2024
Rising Star: Simpson Thacher's Sam Rudik
Sam Rudik, a recently promoted partner at Simpson Thacher & Bartlett LLP, guided Blackstone on several billion-dollar transactions over the past three years, including a handful of major development deals and acquisitions involving data centers, landing him a spot among real estate attorneys under age 40 honored by Law360 as Rising Stars.
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July 31, 2024
With CENSAI, Real Estate Dives Into Detailed Population Data
The real estate industry's growing embrace of technology has placed greater emphasis on the role of data in making decisions. Data and technology firm i360 has recently made a move into this sector with CENSAI Population Intelligence, a new venture it says will provide investors and developers more reliable and up-to-date insights and projections on markets and even individual properties.
Expert Analysis
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How 2 CFPB Advisory Opinions Affect Reporting Agencies
The Consumer Financial Protection Bureau issued two advisory opinions last month that demonstrate a continued commitment to address inaccuracies in background check reports and consumer file disclosures through broad interpretation of the Fair Credit Reporting Act, expanding on a coordinated federal agency effort, say attorneys at Cooley.
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Algorithmic Pricing Programs Caught In Antitrust Crosshairs
The Justice Department's investigation into software company RealPage follows a host of federal antitrust cases alleging that property owners and casino hotel operators use the same proprietary software programs to fix and maintain pricing, which means algorithmic pricing programs are considered a key price-fixing tool in the digital age, say attorneys at Ballard Spahr.
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A Welcome Turning Of The Page For Residential Real Estate
After one of the most challenging years on record for residential real estate, 2024 will likely be a time of transition to a stabler business climate, as sellers lose some of their excess bargaining power and the pace of sales picks up, says Marty Green at Polunsky Beitel.
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Strict Duty To Indemnify Ruling Bucks Recent Trend
A South Carolina federal court's recent decision that it lacked subject matter jurisdiction to decide an insurer's duty to indemnify prior to the finding of insured liability sharply diverges from the more nuanced or multipronged standards established by multiple circuit courts, says Richard Mason at MasonADR.
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Ill. Insurance Ruling Helps Developers, Community Orgs. Alike
The Illinois Supreme Court's decision in Acuity v. M/I Homes of Chicago, holding that commercial general liability policy exceptions did not prevent coverage for damage caused by faulty workmanship, will bring more potential insurance coverage for real estate developers and, in turn, larger payouts when community organizations sue them, say Howard Dakoff and Suzanne Karbarz Rovner at Levenfeld Pearlstein.
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NJ Foreclosure Law Will Have Multifaceted Impact On Lenders
New Jersey's A.B. 5664 introduces significant reforms to foreclosure proceedings in the state, potentially lessening the burden on lenders and servicers to maintain foreclosed properties, but also brings new limitations and time frames, say Christina Livorsi and Wael Amer at Day Pitney.
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11 Noteworthy CFPB Developments From 2023
Under Rohit Chopra’s leadership, 2023 was an industrious year for the Consumer Financial Protection Bureau, with developments including the release of the proposed personal financial data rights rule, publication of proposed rules involving public registries for nonbanks and the bureau's continuous battle against junk fees, all of which are sure to further progress in 2024, say attorneys at Husch Blackwell.
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Insured Takeaways From 10th Circ. Interrelated Claims Ruling
The Tenth Circuit's recent ruling in American Southwest Mortgage v. Continental Casualty that multiple claims arising from consecutive audit years were interrelated — and thus subject to a per claim limit — creates a concerning precedent for policyholders, so companies should negotiate relevant policy language, says Michael Stockalper at Saxe Doernberger.
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Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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NY Banking Brief: All The Notable Legal Updates In Q4
New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.
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Ill. Justices Set New Standard For Analyzing Defect Claims
The Illinois Supreme Court's recent ruling in Acuity v. M/I Homes of Chicago has effectively changed the landscape for how insurers may respond to construction defect claims in the state, so insurers should carefully focus their coverage analysis on whether the business risk exclusions are applicable, say Bevin Carroll and Julie Klein at Kennedys.
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A Look At Consumer Reporting In 2023, And What's To Come
The legal landscape of consumer reporting is evolving as courts, federal regulators and state legislatures continue to weigh in — and while last year may have seen a slight downtick in the overall volume of Fair Credit Reporting Act litigation, 2024 is set to be a watershed year for this area of the law, say attorneys at Troutman Pepper.
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How New Fla. Condo Law Will Affect Owners' Finances
As this December is the deadline for condominiums in Florida to be in compliance with legislation passed after the Champlain Towers collapse, condo owners will need to prepare for both the immediate and long-term financial implications, says Greg Main-Baillie at Colliers.