Residential
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September 24, 2024
NJ Apartment Owner, Operator Fight DACA Bias Suit
An apartment complex's owner and its operator have urged a New Jersey federal court to toss a Guatemalan immigrant's claims that her housing application was denied due to her Deferred Action for Childhood Arrivals status, saying she failed to provide proof of legal residence.
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September 24, 2024
Real Estate Cos. Accuse Partner Of Mucking Up $21M Deal
Two real estate companies and other parties have told a North Carolina federal court that their business partner must be forced to sign off on the more than $21 million sale of a North Carolina apartment complex or their businesses will suffer financially.
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September 24, 2024
'The Predators Are Back,' Mich. Tax Foreclosure Attys Warn
Lawyers for a proposed class accusing Michigan counties of unlawfully keeping proceeds of their tax-foreclosed home sales urged a federal judge Monday to bar a third-party claims firm and a "conspiring" Michigan attorney from trying to snatch away class members using tactics they called abusive and illegal.
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September 24, 2024
NYC Condo Building's Ch. 11 Plan Sent Back For Revisions
A New York bankruptcy judge asked the owner of a Manhattan condominium complex to make changes to its Chapter 11 plan after raising several concerns with details in the planned restructuring that would hand unsold residential units over to its main lender.
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September 24, 2024
NY Energy Tax Break Available For Apt. Buildings, Dept. Says
Gas and electricity used in a landlord's New York state apartment buildings, including common areas, are eligible for a sales tax exemption for residential energy sales, the state tax department said in an opinion released Tuesday.
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September 24, 2024
7 Attys In M&A, Real Estate Join Jones Walker In New Orleans
Jones Walker LLP announced that seven attorneys focused on mergers and acquisitions and real estate law from New Orleans firm Fishman Haygood LLP joined the firm's corporate practice.
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September 24, 2024
Calif. Panel Frees Insurer From $7.5M Dog Attack Judgment
A California appeals court panel affirmed an insurer didn't owe any part of a $7.5 million judgment for a dog attack, finding a homeowner's policy excluding coverage for injuries caused by a pit bull clearly applied to the homeowner's sister's dog, Bugzy.
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September 24, 2024
Fla. Student Housing Turned Multifamily Lands $45M Loan
Mortgage lender Ease Capital announced that it has provided the owner of a newly renovated multifamily property in Temple Terrace, Florida, with a $45.5 million loan as the owner finishes lease-up at the property.
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September 23, 2024
Va. Co. Raises $65M For Opportunity Zone Residential Project
Capital Square announced Monday that the Virginia-based real estate firm raised $65 million for its latest opportunity zone fund offering, which will pay for construction of a 352-unit multifamily development in Richmond, Virginia.
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September 23, 2024
NJ Justices Probe State's Role In Tax Sale Foreclosures
The New Jersey Supreme Court on Monday probed whether the state's Tax Sale Law still holds up in the wake of a 2023 U.S. Supreme Court ruling that the government cannot profit from a property seizure, pondering the state's role in tax sale foreclosures and if a private, third-party lienholder could be considered a state actor.
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September 23, 2024
Court Sinks Antitrust Claims Against Suns Owner
A Florida federal court adopted the recommendations of a magistrate judge and tossed a mortgage broker's antitrust case against the owner of the NBA's Phoenix Suns and his company, United Wholesale Mortgage, over an alleged boycott.
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September 23, 2024
Brockovich, Attys Warn Of PFAS Dangers At Ga. Town Halls
More than 400 people gathered in northwest Georgia over the weekend to attend two town hall meetings hosted by a group of law firms and paralegal-turned-environmental advocate Erin Brockovich concerning claims of local water and environmental contamination allegedly caused by chemical giant 3M Co., as well as the potential health risks associated with so-called forever chemicals.
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September 23, 2024
NYC Real Estate Week In Review
Jeffrey Zwick & Associates and Rosenbaum & Associates are among the law firms that scored work on the largest real estate deals that hit New York City public records last week, with transactions in three boroughs landing on the list of the week's biggest matters.
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September 23, 2024
Minn. Court Won't Slash Home's $189K Tax Valuation
A Minnesota homeowner's attempt to cut the tax valuation of his home by nearly one-third was rejected by the state tax court, which said his use of comparable sales fell short of the evidence needed to overturn the assessment.
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September 23, 2024
Real Estate Financier Raises More Than $1B In Its 1st Year
CV3 Financial Services brought in over $1 billion worth of private loans in less than a year after the real estate financier provided funds for its first loan, the company announced Monday.
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September 23, 2024
Mich. Township Scores Partial Win In Suit Over Bike Path Law
A Michigan federal judge ruled that Jamestown Charter Township's ordinance allowing authorities to require developers to fund bike path construction is not facially unconstitutional, despite finding the municipality's recent tweaks to the law to be "suspicious."
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September 23, 2024
Saul Ewing Atty Says Fed Interest Rate Cut Creates Optimism
Saul Ewing LLP's real estate practice vice chair and partner Damon Juha said in an interview with Law360 Real Estate Authority that the Federal Reserve's half-point rate cut is creating much-needed optimism in the world of real estate lending.
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September 23, 2024
Hawaii Judge Says Tenants Must Arbitrate Water Pollution Suit
The named plaintiffs in a proposed class of Hawaii tenants must arbitrate the individual claims in their water contamination case against a landlord while their other claims are paused, an Aloha State federal judge has ruled.
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September 23, 2024
Julie Chrisley Fights For Sentence Cut After 11th Circ. Ruling
Former reality TV star Julie Chrisley asked a Georgia federal judge on Friday to resentence her to no more than five years for her role in a $36 million tax evasion and fraud scheme, arguing against prosecutors' insistence that the seven-year sentence she was previously given be kept intact.
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September 20, 2024
Eviction Law Firm Says Tenant's Fee Class Action Untimely
An eviction law firm pushed a Colorado federal court to toss a proposed class action filed by tenants who claim the firm illegally charged them attorney fees before their eviction proceedings were resolved.
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September 20, 2024
Property Plays: Ares, Crossroads Hospice, Fifth Ave. Condo
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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September 20, 2024
Georgia-Pacific To Turn Atlanta HQ Into Mixed-Use Hub
Georgia-Pacific plans on redeveloping its 51-story global headquarters in downtown Atlanta into a mixed-use hub that includes offices, retail locations, residential buildings and restaurants, the manufacturing company announced.
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September 20, 2024
Judge Keeps Alive Suit To Force Bal Harbour Housing Plan
A developer is going ahead with litigation to compel a local government to allow a workforce housing development in Bal Harbour, Florida — an upscale village north of Miami — to move forward, in a case testing new state legislation to support affordable housing projects.
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September 20, 2024
Pfizer HQ Resi Conversion Backers Land $75M In Financing
David Werner Real Estate Investments and residential conversion expert Metro Loft Management have secured $75 million in financing from Northwind Group to purchase a partner's stake in the former Pfizer Manhattan headquarters, according to a statement from Marcus & Millichap.
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September 20, 2024
Insurers Say Ky. House Damage Wasn't From Mine Collapse
Insurers told a Kentucky federal court to toss a couple's case seeking compensation for damage to their home because of coal mine subsidence, arguing the damage wasn't caused by a collapsing void underground.
Expert Analysis
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What Shareholder Approval Rule Changes Mean For Cos.
The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.
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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.