Residential
-
June 27, 2024
Proposed Calif. Insurance 'Tradeoff' Draws Mixed Reactions
Insurance industry representatives and consumer advocates in California are pitching opposing visions for a proposed regulatory tradeoff at the heart of state officials’ efforts to increase homeowners insurance availability at a time of heightening wildfire risks.
-
June 27, 2024
Goldman Raises $3.4B For Real Estate Secondaries Fund
Goldman Sachs Alternatives raised $3.4 billion in capital commitments for its latest real estate secondaries fund, making it the largest such fund to date, per the company.
-
June 27, 2024
Calif. Agency To Put $20B Affordable Housing Bond On Ballot
Voters in some California counties will be able to decide during November's general election whether $20 billion is raised and distributed for the construction and preservation of affordable housing in the San Francisco Bay Area, the Bay Area Housing Financing Authority has announced.
-
June 27, 2024
Ariz. Property Management Co. Hit With Age Bias Suit
A former employee of a property management company claimed in Arizona federal court that she faced age discrimination on the job from the residents of an Arizona community for older people, and that the company did nothing about it.
-
June 27, 2024
Susan Sarandon Can Get Home Contractor's Bank Records
A Massachusetts credit union must give Hollywood star Susan Sarandon some of the personal financial records of a contractor who she says failed to properly oversee construction of her $2 million sustainable home in Vermont, a federal magistrate judge ruled Wednesday.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
![(iStock.com/stanzi11)](https://assets.law360news.com/1848000/1848703/ed91f69befad44c036a091447835392f26dad424-istock-1325809377-manufactured-housing.jpg)
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.
![KKR's newly acquired portfolio includes a mix of mid- and high-rise multifamily units across multiple states in a number of markets boasting locations near urban metro areas. (Photo by Omar Marques / SOPA Images/Sipa USA, Sipa via AP Images)](https://assets.law360news.com/1851000/1851582/00ad2de98c6351d65bea71ef53cc8cdb771e5ca6-tech_illustrations_in_portugal._95845.jpg)
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.
![As Covid Rent Discounts Are Phased Out Rental Prices Skyrocket For Housing In NYC
NEW YORK, NEW YORK - JULY 26: Residential apartment buildings are seen on July 26, 2022 in New York City. With the easing of the Covid pandemic, rents in Manhattan have risen significantly in the last 6 months with the average rent now above $5,000 a month. Concessions and enticements to renters have largely disappeared as more people return to the city and others look for bigger spaces. (Photo by Spencer Platt/Getty Images)](https://assets.law360news.com/1850000/1850840/a7522087e4929339a0efceb48c72b898e1ef5657-gettyimages-1411123192.jpeg)
NY Warns Property Insurers Of Low-Income Renter Bias Ban
New York's Department of Financial Services warned insurers Monday that they can no longer deny coverage to owners or increase premiums for residential properties solely because they house low-income tenants.
Expert Analysis
-
Zoning Reform May Alleviate The Affordable Housing Crisis
As America's affordable housing issues continue to worsen, zoning reform efforts can help to provide more affordable homes and mitigate racial and economic segregation, though opposition from residents and in courts could present challenges, say Evan Pritchard and Madeline Williams at Cozen O'Connor.
-
NJ Justices Clarify First-Party Indemnification Availability
In Boyle v. Huff, the New Jersey Supreme Court recently held that indemnification can be available in first-party claims, resolving an open question and setting up contracting parties for careful negotiations around indemnity clauses, says Todd Leon at Marshall Dennehey.
-
Fla. HOA Reforms Bring Major Wins For Homeowners
A recently signed law brings broad changes for homeowners associations in Florida, alleviating some pressure imposed by overly restrictive rules and potentially setting up litigation surrounding how HOAs enforce their governing documents, says Christopher Miller at Varnum.
-
Addressing Labor Shortages In The Construction Industry
As the construction industry's ongoing struggle with finding sufficient skilled workers continues, companies should consider a range of solutions including a commitment to in-house training and creative contracting protocols, say Brenda Radmacher and Allison Etkin at Akerman.
-
A Framework For Investigating Commercial Loan Fraud
As commercial loan transactions are increasingly subject to sophisticated fraud schemes, lenders must adopt dynamic strategies to detect, investigate and mitigate these schemes, say attorneys at Baker Donelson.
-
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
-
How NY Co-Ops Can Minimize Sale Rejections Based On Price
New York co-op sales are regularly rejected for being below undisclosed price minimums, and co-op boards should address this problem by sharing information more transparently and allowing some flexibility for below-market sales, say Pierre Debbas and Seth Feldman at Romer Debbas.
-
Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
-
High Court's BofA Ruling Leaves State Preemption Questions
A recent U.S. Supreme Court decision in Cantero v. Bank of America sheds light on whether certain state banking regulations apply to federally chartered banks, but a circuit split could still force the Supreme Court to take a more direct position, says Brett Garver at Moritt Hock.
-
How A Bumblebee Got Under Calif. Wildlife Regulator's Bonnet
A California bumblebee's listing as an endangered species could lead to a regulatory quagmire as California Department of Fish and Wildlife permits now routinely include survey requirements for the bee, but the regulator has yet to determine what the species needs for conservation, says David Smith at Manatt.
-
The Clock Is Ticking For Fla. Construction Defect Claims
Ahead of the fast-approaching July 1 deadline for filing construction defect claims in Florida, Sean Ravenel at Foran Glennon discusses how the state's new statute of repose has changed the timeline, and highlights several related issues that property owners should be aware of.
-
Wiretap Use In Cartel Probes Likely To Remain An Exception
Although the U.S. Department of Justice's Antitrust Division has recently signaled interest in wiretaps, the use of this technology to capture evidence of antitrust conspiracies and pursue monopolization as a criminal matter has been rare historically, and is likely to remain so, say Carsten Reichel and Will Conway at DLA Piper.
-
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.