Residential
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July 17, 2024
Rocket Mortgage Says Results Refute Investors' Fraud Claims
Rocket Mortgage is arguing that the company didn't mislead its shareholders when Rocket's former CEO claimed the company could grow its lending business in a rising interest rate environment because the firm's actual financial performance ended up proving that prediction true.
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July 17, 2024
Mo. Property Owners' Tax Challenge Time-Barred, Court Says
A group of Missouri property owners can't proceed with their appeal of assessments they claimed were unconstitutional taxes, a state appeals court ruled, finding the challenge was time-barred as an appeal of a special assessment.
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July 17, 2024
Fed. Gov't Can't Slip Suit Over Affordable Housing Loan
A U.S. Court of Federal Claims judge has refused to dismiss a company's suit alleging the federal government violated a loan agreement and now owes the company for the taking of its property.
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July 17, 2024
Tech Hub Looks To Capitalize On S. Fla.'s Climate Expertise
When the U.S. Economic Development Administration launched its Tech Hubs program across the country in October, South Florida's climate- and resilience-focused entry was one of 31 selected from more than 200 applications, and it made the cut again earlier this month, receiving $19.5 million when an initial funding round of $504 million was awarded to 12 of those hubs.
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July 17, 2024
U. Miami Climate Leader Sees Chance For Innovation
With Miami often called the "ground zero" of the climate change crisis, the University of Miami in 2022 launched a Climate Resilience Academy to coordinate an interdisciplinary response. Nearly a year into his tenure, its leader reflects on the opportunity for midsize city innovation in infrastructure in the face of climate challenges.
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July 17, 2024
Arizona Evictions Judge: Invitation Homes Should Apologize
As the largest owner of single-family rental properties in the Phoenix area, Invitation Homes continues to outpace the county average on eviction filings. In one case, a judge admonished the Wall Street landlord and said it should apologize for the “sleepless nights” it had caused two of its tenants.
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July 17, 2024
Phoenix Developers Nab $51M For Build-To-Rent Construction
Tower Capital arranged $51 million in construction financing for a 190-unit rental community under development in Phoenix's West Valley, after the developer received final approval for a requested rezoning from the city's Planning Commission.
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July 17, 2024
Do Real Estate Attorneys Ever Take Vacations?
Real estate attorneys looking to take a vacation must do a lot of legwork to ensure that their deals or cases sail smoothly in their absence. But things don't always go as planned.
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July 17, 2024
NYC Real Estate Week In Review
Fried Frank and Tarter Krinsky are among the law firms that guided the largest New York City real estate deals that hit public records last week, a period that saw three transactions north of the $100 million mark become public.
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July 17, 2024
Woman Can't Escape Suit Over Partner's $1.1M FBAR Debt
A woman whose late romantic partner owed $1.1 million in reporting penalties on hidden financial accounts in France and Switzerland can't stop the government from pursuing a suit against her for half the value of her home, a New York federal court ruled.
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July 16, 2024
Rocket Cos. Investors Drop CEO Retweet Claims From Suit
Investors in mortgage lender Rocket Companies have dropped certain proposed class action claims against the company's CEO, telling a Michigan federal judge that they would no longer accuse the executive of securities fraud over a March 2021 retweet.
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July 16, 2024
Cox Castle Guides $300M Gowanus Development Financing
Cox Castle & Nicholson LLP advised on $300 million in construction financing from Kennedy Wilson Capital, Affinius Capital and TYKO Capital for Tavros Capital's and Charney Cos.' major residential development in Brooklyn, New York, per county property records and a statement from the parties.
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July 16, 2024
'Excuse Me?': Judge Vexed By Defamation Claim In Ch. 7 Row
A Connecticut bankruptcy judge on Tuesday appeared skeptical of defamation and tortious interference claims New York-based real estate investor EasyKnock Inc. filed against a trustee handling the Chapter 7 estate of a onetime homeowner, forcing company attorneys to at times to admit they cited no authority to support their case.
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July 16, 2024
White House Proposes Rent Caps For Corporate Landlords
President Joe Biden on Tuesday unveiled a slate of proposals intended to lower housing costs, chief among them being a push for Congress to pass legislation capping corporate landlords' ability to raise rents by more than 5%.
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July 16, 2024
Florida Developer Pays $14M For Land For Gated Community
Florida-based developer and homebuilder 13th Floor Homes bought 270 acres of land in Tamarac, Florida, for $14 million and plans on building a 335-home, single-family luxury gated community, the company announced.
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July 16, 2024
Biden Admin. Awards $325M To Redevelop 'Distressed' Homes
The Biden administration awarded multiple public housing authorities, cities and Miami-Dade County with more than $325 million in grant funding that will be used to "redevelop distressed housing with high-quality mixed-income options," the administration and the U.S. Department of Housing and Urban Development jointly announced Tuesday.
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July 16, 2024
REIT Defends Financials After Reports Of Probe Emerge
Arbor Realty Trust said that it's standing by its accounting practices after a news outlet reported the company is under investigation in the wake of numerous short-seller reports alleging fraud in its books.
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July 16, 2024
County Says Pittsburgh Schools Can't Force Reassessment
As one taxing body out of many in Allegheny County, Pennsylvania, the School District of Pittsburgh lacks standing in its lawsuit seeking to force a countywide reassessment of property values, the county said in its preliminary objections to the suit.
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July 16, 2024
The 2024 Diversity Snapshot: What You Need To Know
Law firms' ongoing initiatives to address diversity challenges have driven another year of progress, with the representation of minority attorneys continuing to improve across the board, albeit at a slower pace than in previous years. Here's our data dive into minority representation at law firms in 2023.
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July 16, 2024
These Firms Have The Most Diverse Equity Partnerships
Law360’s law firm survey shows that firms' efforts to diversify their equity partner ranks are lagging. But some have embraced a broader talent pool at the equity partner level. Here are the ones that stood out.
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July 16, 2024
Ex-Philly Charter School Exec Gets 7 Years For Embezzlement
Abdur Rahim Islam, who ran famed R&B producer Kenny Gamble's Philadelphia-based housing and education nonprofit, was sentenced Tuesday to seven years in prison for stealing hundreds of thousands of dollars from the organization and using the ill-gotten gains for Caribbean vacations.
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July 15, 2024
Investor Sues To Block Co-Founder Takeover At Startup Redy
Colorado investor Deer Park Road Management Co. argues a non-celebrity co-founder of real estate marketplace Redy.com took money from the startup to fund his lifestyle and cover an $875,000 civil defamation settlement as he tries to complete a takeover of the company's board.
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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.
Expert Analysis
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Using Synthetic Securitization In Residential Mortgage Loans
In light of a recent Federal Reserve report emphasizing the importance of maintaining sufficient capital positions, banking organizations should consider using synthetic securitization to help mitigate capital charge associated with residential mortgage loan portfolios, say attorneys at Mayer Brown.
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Tips For In-House Legal Leaders In A Challenging Economy
Amid today's economic and geopolitical uncertainty, in-house legal teams are running lean and facing increased scrutiny and unique issues, but can step up and find innovative ways to manage outcomes and capitalize on good business opportunities, says Tim Parilla at LinkSquares.
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How Cities Can Tackle Post-Pandemic Budgeting Dilemmas
Due to increasing office vacancies around the country, cities may consider politically unpopular actions to avoid bankruptcy, but they could also look to the capital markets to ride out the current real estate crisis and achieve debt service savings to help balance their budgets, say attorneys at Cadwalader.
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What Associates Need To Know Before Switching Law Firms
Excerpt from Practical Guidance
The days of staying at the same firm for the duration of one's career are mostly a thing of the past as lateral moves by lawyers are commonplace, but there are several obstacles that associates should consider before making a move, say attorneys at HWG.
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FHFA Plans Forecast The Year Ahead In Affordable Housing
This year attorneys in the affordable housing sector can expect to see developers utilizing the financing tools included in Freddie Mac and Fannie Mae's updated equitable housing finance plans, including various sponsor-elected programs and Freddie's forward commitment initiative, say Evan Blau and Beth Budnick at Cassin & Cassin.
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A Case For Sharing Mediation Statements With Counterparties
In light of a potential growing mediation trend of only submitting statements to the mediator, litigants should think critically about the pros and cons of exchanging statements with opposing parties as it could boost the chances of reaching a settlement, says Arthur Eidelhoch at Eidelhoch Mediation.
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How To Determine Best Format For Annual Building Meetings
As hundreds of New York City co-ops and condominiums conduct their annual meetings over the next few weeks, they should keep both legal and practical considerations in mind when deciding between virtual and in-person formats, says Robert Braverman at Braverman Greenspun.
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EB-5 Reform Continues To Weigh Heavily On Participants
Recent U.S. Citizenship and Immigration Services guidance helps clarify aspects of the 2022 EB-5 Reform and Integrity Act, which increased oversight of EB-5 regional centers, but does not end the industry's continuing state of uncertainty, says Robert Divine at Baker Donelson.
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Colo. Bankruptcy Ruling Clarifies Debt Collection Rules
The Colorado Supreme Court’s recent ruling in U.S. Bank v. Silvernagel provides necessary clarification on the state's debt collection statute of limitations commencement rules and gives lenders breathing room to pursue foreclosure after their borrowers receive a bankruptcy discharge, say Erin Edwards and Justin Balser at Troutman Pepper.
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Preparing For Legal Scrutiny Of Data Retention Policies
Two recent cases involving Google and Meta should serve as a call to action for companies to ensure their data retention policies are updated and properly implemented to the degree of being able to withstand judicial scrutiny, especially as more data is generated by emerging technologies, say Jack Kallus and Labeed Choudhry at Kaufman Dolowich.
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Echoes Of '80s Thrift Crisis Are Present In Today's Bank Woes
The current distress in the banking industry bears an uncanny resemblance to the thrift industry crisis of the 1980s, and while that collapse was a worst-case scenario, it provides lessons for understanding the fundamental economic forces at work today, says Alan Frankel at Coherent Economics.
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Attorneys Should Have An Ethical Duty To Advance DEI
National and state bar associations are encouraging attorneys to apply diversity, equity and inclusion practices in the legal profession and beyond, and these associations should take it one step further by formally recognizing ethical duties for attorneys to promote DEI, which could better the legal profession and society, says Elena Mitchell at Moore & Van Allen.
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Data-Driven Insights Are Key To Attracting Today's Clients
As law firm growth slows and competition for clients increases, modern firms must rely on robust data analytics to develop the sector-based expertise and industry insights that clients increasingly prioritize in relationships with counsel, says Lavinia Calvert at Intapp.