Residential
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September 04, 2024
3 Firms Advise Lendlease On $315.5M For LA Complex
Real estate investment manager Barings and an affiliate of Counterpointe Sustainable Advisors contributed a $160 million construction loan and another $155.5 million for energy efficiency financing on a mixed-use project in Los Angeles that's being developed by Lendlease, according to a Wednesday announcement.
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September 04, 2024
SEC Fines Investor Over $7.5M In Undisclosed Affiliate Fees
The U.S. Securities and Exchange Commission has fined Florida-based investor Digital Bridge for failing to properly disclose about $7.5 million worth of payments to affiliates for services provided to a group of funds the firm manages.
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September 04, 2024
Colo. Cuts Property Tax Assessment Rates, Limits Growth
Colorado will cut property tax assessment rates and impose caps on the growth of local revenue under legislation signed into law Wednesday by Gov. Jared Polis, staving off two ballot initiatives critics said would have devastated local government budgets.
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September 04, 2024
Insurer Must Cover Woman's Fire Claim, Wash. Panel Says
An insurer must cover a woman's claim for damage to her former home after she was assaulted and set on fire by her ex-husband, a Washington state appeals court ruled, finding that a domestic abuse exception to the policy's intentional loss exclusion applies.
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September 04, 2024
Real Estate Lawyers On The Move
Dentons, White & Case and K&L Gates are among the law firms that have made recent real estate and construction hires.
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September 04, 2024
Where BigLaw Real Estate Presidential Donations Are Going
Law360 examined presidential campaign contributions from over 1,000 BigLaw real estate attorneys to see where that slice of the legal community is sending its support. Here's what we found.
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September 04, 2024
McElroy Deutsch's Former CFO Fights Bid To Sink Ch. 11 Case
The currently incarcerated former chief financial officer for McElroy Deutsch Mulvaney & Carpenter LLP denied that his Chapter 11 filing was a bad faith maneuver meant to stall ongoing civil litigation, claiming instead that the bankruptcy will allow for the liquidation of property for the benefit of creditors.
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September 04, 2024
Mass. Tax Panel OKs Nix Of Value Cut On Renovated Housing
The owner of a Massachusetts apartment building that contains a commercial space was unable to have the property's valuation reduced because its evidence of comparable sales didn't account for differences in the properties, the state Appellate Tax Board affirmed.
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September 03, 2024
7th Circ. Upholds Arbitration In Menards Hidden Fees Suit
The Seventh Circuit on Tuesday upheld a decision to compel arbitration in a proposed class action claiming that home improvement retailer Menards used a hidden pickup service fee to manipulate its prices, saying the company provided "reasonably conspicuous" notice of its terms on the page where the lead plaintiff completed her online order.
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September 03, 2024
Moody's Says CMBS Delinquencies May Top Pandemic Highs
Delinquencies for commercial mortgage-backed securities increased for the 10th month in a row when the rate hit 6.5%, Moody's has found, signaling CMBS delinquency rates may climb beyond the 8.3% pandemic peak before the end of 2024.
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September 03, 2024
IRS Should Be Bound By $2M Bankruptcy Deal, Justices Told
An Alabama real estate developer who sought bankruptcy protection and agreed to settle his tax debts for $2 million asked the U.S. Supreme Court to review a decision allowing the IRS to demand additional taxes from him, saying the agency shouldn't be allowed to back out of the deal.
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September 03, 2024
Multifamily Real Estate Co. Buys Ind. Apartment Community
Gray Capital bought a 384-unit Indianapolis, Indiana, Class A apartment community, acquiring its 11th apartment asset in the area, the multifamily investment company announced Tuesday.
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September 03, 2024
Ex-Miami Atty's Countersuit Tossed Due To Litigation Privilege
A Florida state judge has tossed an ex-Miami city attorney's countersuit against a constituent, saying her suit fighting real estate fraud allegations that she says led to her termination is barred by the state's litigation privilege doctrine in which absolute immunity protects certain statements made in court proceedings.
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September 03, 2024
Construction Spending Sees Summer Bump, Per US Census
Money doled out for construction projects in July was 6.7% higher than the U.S. Census Bureau's $2 trillion spending estimate that it provided in July 2023 when seasonally adjusted at an annual rate, the federal agency announced Tuesday.
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September 03, 2024
Former Aide To NY Gov. Indicted On Foreign Agent Charges
A former aide to New York Gov. Kathy Hochul and ex-Gov. Andrew Cuomo was arrested Tuesday on allegations of secretly acting as an agent of China's government in a yearslong political conspiracy to promote the interests of the Chinese Communist Party and reap millions of dollars.
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August 30, 2024
Property Plays: Sixth Street, Citadel, 49ers
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 30, 2024
New York Code Council, Officials Duck Natural Gas Ban Suit
A New York federal court dropped the New York Department of State, the New York State Fire Prevention and Building Code Council and several state officials from trade groups' challenge to the state's recent ban on natural gas in new construction.
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August 30, 2024
Steward Says It Has Deal To Avert Some Hospital Closures
Bankrupt hospital operator Steward Health Care System has a tentative agreement that would eliminate over $6 billion of claims against it, keep the majority of its 31 hospitals operating while saving three from potential closure and set it on a path to confirm a Chapter 11 plan, attorneys told a Texas bankruptcy judge Friday.
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August 30, 2024
Marcus & Millichap Unit Closes $95M Apartment Complex Sale
A subsidiary of brokerage Marcus & Millichap has arranged the $95 million sale of a Simi Valley, California, multifamily property.
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August 30, 2024
Condo Board Coverage Suit Over Maui Wildfire Gets Tossed
A Hawaii federal judge tossed an insurer's suit seeking to avoid representing a condo association and property manager after owners sent a letter blaming the association for illegally having insufficient insurance before the 2023 Maui wildfires decimated Lahaina, concluding matters were best left to Hawaii state court.
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August 30, 2024
Developer Closes $70.2M Wash. Multifamily Property Buy
Real estate developer, investor and operator Security Properties purchased a 159-unit Sammamish, Washington, multifamily property for $70.2 million, the company announced.
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August 30, 2024
PE Firm Bascom Snaps Up Bakersfield Complex For $56.6M
Bascom Group said it has acquired a 249-unit, build-to-rent property in Bakersfield, California, for $56.6 million, in its sixth purchase of 2024.
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August 30, 2024
Home REIT Sells 101 Properties For £18.5M
Home REIT PLC said Friday that it has sold more than 100 properties for £18.5 million ($24.4 million), as the struggling property investment trust looks to pay back its debts and inject working capital into the business.
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August 29, 2024
PNC Asks 4th Circ. To Reconsider HELOC 'Offset' Ban Ruling
PNC Bank has asked the Fourth Circuit to take another look at its ruling that extended the "offset" provision of the Truth in Lending Act, which prevents banks from using funds held in deposit accounts to offset credit card debt without the consumer's consent, to home equity lines of credit.
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August 29, 2024
CFPB Fines NewDay $2.25M Over VA Home Loan Practices
The Consumer Financial Protection Bureau levied a $2.25 million fine against NewDay Financial LLC on Thursday for allegedly deceiving active-duty service members and veterans seeking cash-out refinance loans on their home mortgages.
Expert Analysis
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Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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What Calif. Eviction Ruling Means For Defaulting Borrowers
A California appellate court's recent decision in Homeward Opportunities v. Taptelis found that a defaulting borrower could not delay foreclosure with an improperly served notice of pendency of action, but leaves open a possibility for borrowers to delay eviction proceedings merely by filing lawsuits, say Anne Beehler and Krystal Anderson at Holland & Knight.
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How 3D Printing And Prefab Are Changing Construction
The growing popularity of trends like 3D printing technology and prefabrication in the construction industry have positive ramifications ranging from reducing risks at project sites to streamlining construction schedules, say Josephine Bahn and Jeffery Mullen at Cozen O'Connor.
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Wave Of Final Rules Reflects Race Against CRA Deadline
The flurry of final rules now leaping off the Federal Register press — some of which will affect entire industries and millions of Americans — shows President Joe Biden's determination to protect his regulatory legacy from reversal by the next Congress, given the impending statutory look-back period under the Congressional Review Act, say attorneys at Jenner & Block.
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A Deep Dive Into High Court's Permit Fee Ruling
David Robinson and Daniel Golub at Holland & Knight explore the U.S. Supreme Court's recent ruling that a local traffic impact fee charged to a California property owner may be a Fifth Amendment taking — and where it leaves localities and real estate developers.
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The Case For Overturning Florida Foreclosure Ruling
A Florida appellate court's recent decision in Desbrunes v. U.S. Bank National Association will potentially put foreclosure cases across the state in jeopardy, and unless it is reconsidered, foreclosing plaintiffs will need to choose between frustrating and uncertain options in the new legal landscape, say Sara Accardi and Paige Knight at Bradley.
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Bracing For The CFPB's War On Mortgage Fees
As the Consumer Financial Protection Bureau homes in on the legality of certain residential mortgage fees, the industry should consult the bureau's steady stream of consumer lending guidance for hints on its priorities, say Nanci Weissgold and Melissa Malpass at Alston & Bird.
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DOJ Consent Orders Chart Road Map For Lending Compliance
Two recent consent orders issued by the U.S. Department of Justice as part of its efforts to fight mortgage lending discrimination highlight issues that pose fair lending compliance risks, and should be carefully studied by banks to avoid enforcement actions, says Memrie Fortenberry at Jones Walker.
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Reverse Veil-Piercing Ruling Will Help Judgment Creditors
A New York federal court’s recent decision in Citibank v. Aralpa Holdings, finding two corporate entities liable for a judgment issued against a Mexican businessman, shows the value of reverse veil piercing as a remedy for judgment creditors to go after sophisticated debtors who squirrel away assets, says Gabe Bluestone at Omni Bridgeway.
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Calif. Housing Overhaul May Increase Pressure On Landlords
Two recently enacted California laws signal new protections and legal benefits for tenants, but also elevate landlords' financial exposure at a time when they are already facing multiple other hardships, says Laya Dogmetchi at Much Shelist.
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New Proposal Signals Sharper Enforcement Focus At CFIUS
Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.
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Climate Disclosure Mandates Demand A Big-Picture Approach
As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.
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Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.