Residential
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July 15, 2024
Bulk Billing Regs Could Hurt Lower-Income Tenants, FCC Told
Tighter regulations on bulk billing in multitenant environments could make it harder for seniors, low-income households and students to afford high-speed internet service, industry representatives told the Federal Communications Commission.
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July 15, 2024
VA Campus' Income Limits Are Discriminatory, Judge Finds
A California federal judge sided with a class of homeless, disabled military veterans on some of their claims in a lawsuit accusing the U.S. Department of Veterans Affairs and the U.S. Department of Housing and Urban Development of discrimination for failing to build permanent supportive housing for them in Los Angeles.
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July 15, 2024
Broker Guides $57M Sale Of Fla. Multifamily Community
A Florida-based real estate company purchased a 296-unit multifamily Fort Myers, Florida, community in a $57 million deal brokered by JBM Institutional Multifamily Advisors, the broker announced Monday.
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July 15, 2024
Conn. Mixed-Use Project Moves Ahead With $165M Financing
Four firms and one solo practitioner guided Barings and Counterpointe Sustainable Real Estate's provision of a combined $165.3 million for the second phase of Baywater Properties' mixed-use development in Darien, Connecticut, according to a Monday statement from Barings.
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July 15, 2024
Pa. Extends Tax Breaks To Longtime Pittsburgh Homeowners
Pennsylvania will expand a property tax relief program to allow longtime homeowners in Pittsburgh to claim tax breaks related to rising real estate taxes under a bill signed by Democratic Gov. Josh Shapiro.
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July 15, 2024
DC Circ. Won't Rethink Revived DOJ Realtor Antitrust Probe
The D.C. Circuit won't reconsider a ruling that allowed the U.S. Department of Justice to reopen an investigation into certain rules and policies of the National Association of Realtors, rejecting the trade group's request that the court correct "far-reaching and exceptionally important" legal errors.
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July 15, 2024
McElroy Deutsch Fights 'Malicious' Claim In Exec Fraud Case
McElroy Deutsch Mulvaney & Carpenter LLP and its former business development director, who is accused of stealing millions from the firm partially via fraudulent credit card use, are at odds over whether the firm's ex-employee should be allowed to bring a malicious prosecution counterclaim in New Jersey state court.
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July 15, 2024
Multifamily CMBS Loan Distress Keeps Climbing
The percentage of commercial mortgage-backed securities loans for multifamily properties in distress has more than tripled since January, reaching new heights in June, per a report from CRED iQ.
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July 15, 2024
LendingTree Urges FCC To Narrow Lead Consent Rule
Loan marketplace LendingTree is asking the Federal Communications Commission to add an exception to its new "lead generator" consent rule, saying that as it's currently constructed, the rule disadvantages small businesses competing with larger brand names.
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July 15, 2024
TPG Real Estate Buys MHC Portfolio In $740M Deal
Canadian Apartment Properties Real Estate Investment Trust on Monday revealed it has agreed to sell its manufactured-home community portfolio to private equity giant TPG's real estate platform for $740 million.
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July 12, 2024
Law360 Names 2024's Top Attorneys Under 40
Law360 is pleased to announce the Rising Stars of 2024, our list of 158 attorneys under 40 whose legal accomplishments belie their age.
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July 12, 2024
Property Plays: Brookfield, Bally's, Kushner Cos.
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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July 12, 2024
Conn. Justices Avoid Entanglement Issues In Rabbi Land Row
The Connecticut Supreme Court on Friday agreed that a property dispute between the Chabad Lubavitch of Western and Southern New England Inc. and a Stamford rabbi belongs before a private religious panel, settling the case on arbitration principles and declining to analyze broader entanglement questions.
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July 12, 2024
Behind Ex-McElroy Deutsch CFO's Ch. 11
McElroy Deutsch Mulvaney & Carpenter's former chief financial officer, who has admitted to skimming off $1.5 million from his firm, has filed for bankruptcy in New Jersey as he faces both a civil suit and criminal charges over the embezzlement.
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July 12, 2024
DC To Offer 15-Year Tax Freeze For Office Conversion Projects
Washington, D.C., plans to offer a 15-year property tax freeze for projects that aim to reposition an office building for a different commercial use, building on the city's larger effort to enliven its downtown, according to an announcement by Mayor Muriel Bowser.
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July 12, 2024
FHFA Unveils New Protections For Multifamily Tenants
Fannie Mae and Freddie Mac will institute new tenant protections for multifamily properties financed by both enterprises, the Federal Housing Finance Agency announced Friday.
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July 12, 2024
Loan Guarantor Can't Dodge Citibank's Foreclosure Bid
A New York federal judge refused to dismiss a loan guarantor from Citibank's mortgage loan foreclosure suit accusing the owner of a Brooklyn apartment building of defaulting on a $15 million commercial mortgage loan.
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July 11, 2024
Biden's FDIC Pick Hangs Tough Amid GOP Doubts On Record
President Joe Biden's candidate for Federal Deposit Insurance Corp. chair faced scrutiny Thursday as Republican senators at her nomination hearing expressed their skepticism about her readiness to lead the agency, but her critics nevertheless appeared unlikely to derail her prospects for confirmation outright.
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July 11, 2024
Allstate Must Face Deflated Payments Suit, Judge Rules
Allstate cannot escape a proposed class action accusing the insurer of wrongfully depreciating labor costs as part of actual cash value payments to insureds for property damage, an Arizona federal judge ruled, finding that the named plaintiff didn't lack standing and that her claims weren't time-barred.
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July 11, 2024
Ross Steps Down At Related Cos. To Run Florida-Based Firm
Stephen M. Ross, a giant in the real estate development world, is stepping away from his leadership role as chairman of Related Cos., which he founded in 1972, to focus on the South Florida market as the head of a new firm.
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July 11, 2024
Condo Owner Can Sue Over Icy Sidewalk, Mich. Justices Rule
A condominium owners' association can be sued by a member who slipped on ice in a common area, the Michigan Supreme Court ruled Thursday, finding an association has a duty to exercise reasonable care to protect condo owners in shared spaces.
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July 11, 2024
Pa. Condo Owner Group Takes Inner-Tower Conflict To Court
The residents association of a downtown Pittsburgh condo building sued the building's commercial association in state court, alleging they have been improperly denied access to commercial sections of the building needed to complete HVAC repair work.
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July 11, 2024
Lender Seeks Receivership Of Goldman Sachs SF Properties
A lender affiliated with the Royal Bank of Canada claimed in California state court that a company affiliated with Goldman Sachs and a property owner defaulted on a $162 million loan and urged the court to place the company's property portfolio into receivership.
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July 11, 2024
CLO Holder Can't Duck Portfolio Manager's Feud Just Yet
A New York federal court has refused to finalize a February decision dismissing all claims against an investment scheme created to hold collateralized loan obligations whose liquidation is at the center of a sprawling dispute.
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July 11, 2024
Pa. Lawmakers OK Pittsburgh Homeowner Tax Break Program
Pennsylvania would authorize Pittsburgh to adopt a property tax relief program that would let longtime homeowners claim tax breaks related to rising real estate taxes under a bill that narrowly passed the state House and next goes to Democratic Gov. Josh Shapiro.
Expert Analysis
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EB-5 Investment Period Clarification Raises More Questions
U.S. Citizenship and Immigration Services' recent clarifying guidance for EB-5 investors, specifying that the statutory investment period begins two years from the date of investment, raises as many questions as it answers given related agency requirements and investors' potential contractual obligations, says Daniel Lundy at Klasko Immigration Law Partners.
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How NY Residential Property Condition Disclosure Is Shifting
New York's recent significant amendments to the Property Condition Disclosure Act provide a new focus on the risk and damage from flooding, and the changes will affect the duties and standard of practice for real estate brokers, as well as liability and compliance for sellers and landlords, says Steven Ebert at Cassin & Cassin.
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Conn. Banking Brief: The Notable Compliance Updates In Q3
The most notable legal changes affecting Connecticut financial institutions in the third quarter of 2023 included increased regulatory protections for consumers, an expansion of state financial assistance for underserved communities, and a panoply of tweaks to existing laws, says Brian Rich at Barclay Damon.
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Mass. Banking Brief: The Notable Compliance Updates In Q3
Among the most significant developments in the financial services space in the third quarter of the year, the Massachusetts Supreme Judicial Court handed down a stunning endorsement of the state's fiduciary duty rule, and banking regulators continued their multiyear crackdown on unregistered entities, say attorneys at Mintz.
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Insurance Rulings Continue Expansion Of Appraisal's Ambit
Two recent Illinois insurance cases allowing property damage appraisers to determine causation — Wysoczan v. Cambridge in federal court and Shelter v. Morrow in state appellate court — perpetuate a judicial trend that will result in a slower, more expensive and cumbersome appraisal process that resembles litigation, says Matthew Fortin at BatesCarey.
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In The CFPB Playbook: The Bureau In The Courts
From defending the constitutionality of its funding and the scope of its rulemaking authority in the courts to releasing more nonbinding guidance, the Consumer Financial Protection Bureau had a busy summer. Orrick's John Coleman discusses all this and more in the second installment of quarterly bureau activity recaps by former CFPB personnel.
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Fintech Cos. Should Consider Asset-Based Financing For RE
Fintech companies that own or plan to acquire real property may be able to utilize asset-based financings to access more efficient and cost-effective forms of capital beyond traditional venture capital sources, say attorneys at Mayer Brown.
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What To Consider When Converting Calif. Offices To Housing
In light of California legislators' recent efforts to expedite the process for converting offices into residential buildings, developers should evaluate both the societal upsides, and the significant economic and legal hurdles, of such conversions, says Steven Otto at Crosbie Gliner.
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How New Lawyers Can Leverage Feedback For Growth
Embracing constructive criticism as a tool for success can help new lawyers accelerate their professional growth and law firms build a culture of continuous improvement, says Katie Aldrich at Fringe Professional Development.
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9 Consumer Finance Issues To Note From CFPB Report
A recent report from the Consumer Financial Protection Bureau highlights abusive consumer finance tactics that the agency uncovered during supervisory examinations over the last year — among the most significant issues identified: deceptive practices in automotive loan servicing, and consumer reporting and debt collection compliance failures, say attorneys at Troutman Pepper.
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Twitter Legal Fees Suit Offers Crash Course In Billing Ethics
X Corp.'s suit alleging that Wachtell grossly inflated its fees in the final days of Elon Musk’s Twitter acquisition provides a case study in how firms should protect their reputations by hewing to ethical billing practices and the high standards for professional conduct that govern attorney-client relationships, says Lourdes Fuentes at Karta Legal.
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Transaction Risks In Residential Mortgage M&A Due Diligence
As the residential mortgage market continues to consolidate due to interest rate increases and low housing volume, buyers and sellers should pay attention to a number of compliance considerations ranging from fair lending laws to employee classification, say attorneys at Mayer Brown.
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Ore. Warranty Ruling Complicates Insurance Classification
The Oregon Court of Appeals' recent TruNorth v. Department of Consumer and Business Services holding that a service contract — commonly referred to as an extended warranty — covering commercial property is subject to the state's consumer service contract laws raises regulatory questions for contract obligors, sellers and administrators, say attorneys at Locke Lord.