Residential
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August 15, 2024
Retail, Office May Drive CMBS Distress Metric To Double
Appraisal reduction amounts for struggling commercial mortgage-backed securities loans have climbed in tandem with delinquency rates and may be on track to double rates seen in 2024, per a report from KBRA.
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August 15, 2024
Conn. Couple, Cos. Clash In Waterfront Access Suit
A married couple and several companies are battling in Connecticut state court over the companies' motion to personally examine two related Bridgeport properties and other areas in the couple's waterfront access suit.
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August 15, 2024
No Coverage For Las Vegas Apartment Fire Suits, Judge Says
An excess insurer needn't cover the owners of a Las Vegas apartment building in underlying suits over a 2019 fire that left six people dead, a Nevada federal court ruled, saying the property was not a designated location under the policy.
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August 15, 2024
$20B Bay Area Housing Bond Measure Pulled From Ballot
The Bay Area Housing Finance Authority withdrew a $20 billion affordable housing bond measure from the November ballot, citing uncertainty surrounding a related measure designed to make it easier for voters to approve bonds for housing and infrastructure.
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August 15, 2024
NYC Real Estate Atty Charged With $200K Theft From Client
An embattled Harlem real estate attorney already facing one criminal case has been indicted on a separate felony larceny charge, with prosecutors claiming he stole $210,000 from a client in an apartment deal gone awry.
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August 14, 2024
CFPB Faces Call To Treat Housing Rental Leases As 'Credit'
A major consumer advocacy group has formally petitioned the Consumer Financial Protection Bureau to write new rules that would require landlords to provide "adverse action" explanations when rejecting prospective renters who have applied for an apartment or other housing lease.
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August 14, 2024
Top Stories From Real Estate's Latest Quarterly Updates
Catch up on the headlines made by the largest public real estate companies during their latest quarterly earnings calls with investors, from data centers and lease deals to market forecasts and casinos.
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August 14, 2024
4th Circ. Says Credit Card 'Offset' Ban Applies To HELOCs
Creditors are prohibited from withdrawing funds from a cardholder's deposit account to cover outstanding payments on a home equity line of credit without the borrower's consent, a divided Fourth Circuit panel ruled Wednesday.
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August 14, 2024
AmeriFirst Creditors Cleared To Pursue $10M Clawback Suit
AmeriFirst's unsecured creditors can seek repayment of $10.3 million they alleged were fraudulently transferred, a Delaware bankruptcy judge ruled Wednesday, saying there are open questions about a secured lender's influence over the defunct mortgage services provider leading up to its Chapter 11 bankruptcy.
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August 14, 2024
Calif. Court Demands Edits To Rent Control Ballot Proposal
A California court has ordered the state to amend a voter guide that will be sent to all residents next month, requiring tweaks to arguments against a proposal to repeal a law that prevents local governments from enacting certain rent control measures.
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August 14, 2024
Rising Star: Kirkland's Michael Shultz
Michael Shultz of Kirkland & Ellis LLP has advised investor Blue Owl on several major transactions, including its $15 billion acquisition of real estate investment trust STORE Capital Corp. with Singaporean sovereign wealth fund GIC, earning him a spot among the real estate law practitioners under age 40 honored by Law360 as Rising Stars.
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August 14, 2024
Opinion May Reduce Mixed-Use Mix-Ups On Fla. Housing Law
A recent legal opinion from the Florida Attorney General's Office should add clarity to a portion of the Live Local Act, the state's year-old affordable housing law, that appeared to be giving some local governments pause — or possibly an excuse — to avoid its implementation, according to one of its authors.
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August 14, 2024
EliseAI Becomes 'Unicorn' After Latest $75M Fundraise
EliseAI, a conversational artificial-intelligence platform focused on the housing industry, on Aug. 14 announced it had reached "unicorn" status after the successful close of a $75 million Series D funding round.
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August 14, 2024
JLL Lines Up $33M JV Equity For $95M Multifamily Project
JLL arranged a $33.3 million joint venture equity partnership for a $95 million Madison, Wisconsin, multifamily development project that will have 309 units and six mid-rise buildings, according to an official announcement.
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August 14, 2024
Rising Star: Latham's Dustin Paige
Latham & Watkins LLP counsel Dustin Paige's work on large, complex deals, including a $7 billion joint venture between Digital Realty Trust and Blackstone Inc. to develop four hyperscale data center campuses and Flynn Properties' $1.1 billion acquisition of an 89-hotel portfolio and its subsequent refinancing, has earned him a spot among the real estate attorneys under age 40 honored by Law360 as Rising Stars.
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August 14, 2024
Rising Star: Perkins Coie's Mica Klein
Mica Klein of Perkins Coie LLP has advised Microsoft on a series of data center and electrical substation construction projects across North, Central and South America and represents the Seattle Mariners in a major stadium renovation, earning her a spot among the construction law practitioners under age 40 honored by Law360 as Rising Stars.
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August 14, 2024
Brewers Owner Implicated In Fight Over Stolen Beach Sand
The principal owner of the Milwaukee Brewers has been drawn into a testy dispute accusing one of his companies of stealing public beachfront sand in Malibu, California, and using it to build out a nearby private development.
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August 14, 2024
Holland & Knight Atty Previews DC Flood Construction Rules
With only weeks left in the public comment period of Washington, D.C.'s proposed flood hazard rule change — a regulation that significantly widens the area under strict climate-driven building guidelines — attorneys like Holland & Knight LLP partner Amy L. Edwards have been analyzing maps, base flood elevations and what constitutes a public use in client projects.
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August 14, 2024
DC Tax Relief Can Aid Office Projects, But It's No 'Silver Bullet'
While tax relief programs may help a handful of office conversion projects in Washington, D.C., and make financial sense, much more needs to happen to bring the city's struggling downtown back to life again, real estate experts say.
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August 14, 2024
SEC Says Ga. Firm's Ponzi Scheme Fueled 'Lavish' Lifestyle
An Atlanta-area firm that promised investors lucrative returns on real estate deals was in reality running a "classic Ponzi scheme" by funneling portions of the $300 million it received into buying a yacht and a luxury condo for its founder, the U.S. Securities and Exchange Commission said Wednesday.
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August 13, 2024
CFPB Says Predatory Lenders Targeting Muslim Homebuyers
The Consumer Financial Protection Bureau said Tuesday it found that an often predatory form of home financing, known as contracts for deed, has become increasingly prevalent in Muslim communities.
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August 13, 2024
NYC Developer Lands $72M For Luxury Condo Project
The developer behind a 117-unit luxury condominium development under construction in Queens, New York, secured $72 million in construction financing from Naftali Credit Partners and Axos Bank.
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August 13, 2024
New Realtor Complaint Challenges NAR's Membership Rule
The National Association of Realtors is facing a new proposed class action, this time from Michigan real estate brokers and agents challenging state and local requirements that they be members of local and national Realtor organizations to use the association's multiple listing services.
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August 13, 2024
Fried Frank Guides Howard Hughes' $40M Air Rights Deal
Howard Hughes Corp. has purchased $40 million worth of air rights from New York City for two Manhattan properties in a deal guided by Fried Frank, as the real estate company presses forward with the redevelopment of a Seaport lot.
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August 13, 2024
Goetz Fitzpatrick Adds New Partner To Roster Ahead Of Merger
As it prepares to merge with a Northeastern law firm at the start of next year, New York-based construction and real estate firm Goetz Fitzpatrick LLP announced the addition of a name partner from another Empire State firm Sahn Ward Braff Koblenz Coschignano PLLC.
Expert Analysis
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Bankruptcy Ruling Shifts Lease Rejection Claim Calculation
A New York federal court’s recent ruling in In re: Cortlandt provides guidance on how to calculate a landlord's damages claim when a bankruptcy debtor rejects a lease, changing from an approach that considers the remaining rent due under the lease to one that considers the remaining time, say Bethany Simmons and Noah Weingarten at Loeb & Loeb.
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Do Not Overstate Fla. Condo Termination Ruling's Impact
A close look at the unique language at issue in Avila v. Biscayne, in which a Florida appellate court deemed a condo termination to be invalid, shows that the case is unlikely to significantly affect other potential terminations, say Barry Lapides and Edward Baker at Berger Singerman.
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Takeaways From FDIC's Spring Supervisory Highlights
The Federal Deposit Insurance Corp.'s spring 2024 consumer compliance supervisory report found that relatively few institutions had significant consumer compliance issues last year, but the common thread among those that did were inadequacies or failures in disclosures to consumers, says Matthew Hanaghan at Nutter.
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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.