Residential
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June 27, 2024
SEC Sues Fla. Loan Website, CEO Over 'Fictitious' Revenue
A purported online lender and its CEO face U.S. Securities and Exchange Commission allegations that the company's reported revenue for certain periods was "a figment" of the CEO's imagination.
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June 27, 2024
Greenberg Traurig Guides $97M NYC Multifamily Loans
Developer Elie Fouerti has secured a $96.9 million mortgage from Goldman Sachs for a series of properties in Manhattan's East Harlem neighborhood where Fouerti Realty plans to construct a mixed-use development with affordable housing, in a deal guided by Greenberg Traurig LLP.
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June 26, 2024
Insurers Look To Tech Solutions To Reduce Water Damage
Two insurers have announced new emphasis on property technology solutions in recent days as a strategy for reducing the risk from water damage, a major source of claims for property owners and operators that leads to billions of dollars in payouts each year.
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June 26, 2024
Window Seal Maker Can't Nix Condo's Faulty Glass Panel Suit
A Washington federal judge on Tuesday refused to free a window component maker from a lawsuit claiming it helped conceal defects in a Seattle condominium's windows, saying the court had personal jurisdiction because the alleged wrongdoing was characterized as a deliberate act that affected a large number of actual Washington consumers.
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June 26, 2024
Colo. County's Short-Term Rental Regs Survive Challenge
A Colorado federal court has upheld a county's ordinance limiting short-term rentals in residential areas, finding it doesn't violate the 14th Amendment's equal protection clause just because it doesn't apply in areas zoned for resorts.
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June 26, 2024
Conn. Firm Settles Suit Against Insurer Over Office Damage
A Connecticut law firm and a real estate company on Wednesday agreed to drop a federal lawsuit accusing their insurer of failing to fully cover damage from a leak at their New Haven offices, less than two weeks after the insurer notified the court of a pending settlement, court records show.
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June 26, 2024
NJ, Pa. Apartment Co. Accused Of Migrant Discrimination
A Guatemalan immigrant who has received protections under the Deferred Action for Childhood Arrivals program accused a real estate development and management company of alienage discrimination on Wednesday after she was informed that the company could not accept her housing applications without a valid permanent resident card or visa.
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June 26, 2024
Mack Real Estate Faces $189M NYC Apt. Foreclosure Suits
Mack Real Estate Group is facing a spate of foreclosure suits covering 37 multifamily buildings in Manhattan's East Harlem neighborhood, which allege the property owner is on the hook for $189 million in Freddie Mac loans.
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June 26, 2024
Orbital Witness Offers Property Diligence AI With Confidence
London-based Orbital Witness has built an AI assistant focused on the laborious task of property due diligence and backed it with what it calls a first-of-its-kind AI insurance.
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June 26, 2024
Tenants Say REIT Owes $26M For Illegal Late Fees
A certified class of about 190,000 tenants urged a California federal court to grant them a final judgment of more than $26.1 million in their class action accusing real estate investment trust Equity Residential of charging them excessive fees for late rent.
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June 26, 2024
$10B AIR-Blackstone Deal Set To Close After Investor Nod
Denver-based Apartment Income REIT Corp.'s shareholders have approved an agreement to sell off the real estate investment trust to private equity giant Blackstone for $10 billion, paving the way for its close within the next several days.
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June 26, 2024
HUD Official On 'Exploitative' Plays In Manufactured Housing
Private equity owners of manufactured home projects sometimes take advantage of the affordable housing crunch by raising rents, so the U.S. Department of Housing and Urban Development is offering financing to give those communities a chance to run themselves, a senior staffer said.
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June 26, 2024
HUD Unveils $185M Program To Bolster Housing Production
The U.S. Department of Housing and Urban Development announced Wednesday that the agency has earmarked $85 million in grants to help 21 cities remove barriers to building new housing stock, adding that another $100 million will be awarded later this summer.
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June 25, 2024
Warhol, Monet Artwork Forfeited To US In 1MDB Clawback
Andy Warhol and Claude Monet paintings are among the items that will be forfeited to the United States as part of a deal resolving the government's civil complaints looking to recover assets allegedly related to money laundering by a Malaysian state-owned investment fund, according to a consent judgment entered Monday.
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June 25, 2024
Va. Judge Tosses Bulk Of Brookfield Homebuyer Class Claims
A Virginia federal judge on Tuesday dismissed most of a proposed class action filed by homebuyers who allege Brookfield Asset Management Inc. entities built their homes without being licensed and left them with construction problems and invalidated warranties.
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June 25, 2024
$3M Broker Commission Deal Stayed To Await NAR Settlement
A Massachusetts federal court will not consider a $3 million settlement reached between home sellers and a multiple listing service over broker commission rules until after a decision on a much larger settlement in the separate sprawling case against the National Association of Realtors.
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June 25, 2024
LaVie Creditors Object To Landlord-Backed DIP Package
Unsecured creditors in the Chapter 11 case of nursing facility operator LaVie Care Centers have told a Georgia bankruptcy judge they oppose a proposed debtor-in-possession funding package, saying one of the lenders is the debtor's biggest landlord and would be getting an inappropriately advantageous deal.
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June 25, 2024
DC Council OKs Tax Hikes On High-End Property, Payroll
Washington, D.C., would impose a special tax rate on high-end residential properties, boost the premium for the district's paid leave program and make other tax and spending changes under legislation passed Tuesday by the district council.
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June 25, 2024
Military Families, Army Housing Managers Reach Settlement
A putative class of service members and their families, and a military housing landlord and the property managers urged a Virginia federal court on Tuesday to approve the global settlement of the putative class's claims alleging that the landlord and the property managers neglected the conditions of their military housing in a U.S. Army base in Fairfax, Virginia.
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June 25, 2024
Gibson Dunn, Troutman Rep $2.1B Multifamily Deal
KKR & Co. Inc., advised by Gibson Dunn & Crutcher LLP, paid $2.1 billion to buy a portfolio of 18 apartment properties from Quarterra Multifamily, guided by Troutman Pepper Hamilton Sanders LLP, the private equity giant announced Tuesday.
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June 25, 2024
Ariz. Court Slashes Value Of Low-Income Housing Complex
An Arizona housing complex subject to restrictions related to federal low-income housing tax credits was overvalued by a local assessor, the Arizona Tax Court said, slashing the valuation of the property by about three-fourths.
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June 25, 2024
Meadow Partners Raises $530M For Latest Real Estate Fund
Real estate investment manager Meadow Partners announced Tuesday it raised $530 million for the sixth installment of its flagship real estate fund, with capital commitments from a mix of new investors and longtime partners.
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June 25, 2024
How Real Estate Attys Should Prep For Possible Chevron Shift
The U.S. Supreme Court is likely only days away from deciding on the future of Chevron deference, a potential change that Holland & Knight LLP partner Lynn Calkins and her team expect to have widespread real estate ramifications touching everything from federal policy to local zoning.
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June 24, 2024
Lloyd's Seeks To Avoid Coverage For Beach Umbrella Death
Certain underwriters at Lloyd's, London told a South Carolina federal court Monday they should have no coverage obligations to a vacation rental owner over a wrongful death suit alleging that a woman was impaled by a "wind-driven" beach umbrella.
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June 24, 2024
HUD, VA Want Early Win In Homeless Vets' Los Angeles Suit
The U.S. Department of Veterans Affairs and the U.S. Department of Housing and Urban Development pushed for a quick win in California federal court against a certified class action that claims the federal government failed to build supportive housing on Los Angeles land for homeless, disabled military veterans.
Expert Analysis
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High Court Case Could Reshape Local Development Fees
If last month's oral arguments are any indication of how the U.S. Supreme Court will rule in Sheetz v. County of El Dorado, it's unlikely the justices will hold that the essential nexus and rough proportionality tests under the cases of Nollan, Dolan and Koontz apply to legislative exactions, but a sweeping decision would still be the natural progression in the line of cases giving property owners takings claims, says Phillip Babich at Reed Smith.
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White Collar Plea Deals Are Rarely 'Knowing' And 'Voluntary'
Because prosecutors are not required to disclose exculpatory evidence during plea negotiations, white collar defendants often enter into plea deals that don’t meet the U.S. Supreme Court’s “knowing” and “voluntary” standard for trials — but individual courts and solutions judges could rectify the issue, says Sara Kropf at Kropf Moseley.
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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.