Commercial Real Estate Construction Finance & Banking

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Will This SEC Rule Boost CRE Crowdfunding?

The Securities and Exchange Commission (SEC) recently adopted a new rule that marks good news for condo-hotel developers. In the last real estate cycle, condo hotels were popular among domestic and international investors in...more

Lender Cleared From Being Classified As a "Developer" Under the Interstate Land Sales Act

Poyner Spruill has been keeping an eye out for lawsuits where the plaintiffs attempted to lump lenders in with developers for liability purposes and we are glad to report the North Carolina Court of Appeals has refuted such...more

LIFE-CYCLE: A legal guide to developing, investing in and managing buildings sustainably (Global)

Real estate is a major consumer of resources. Everyone needs a place to live and work and we use real estate for that purpose. Modern life means that energy and other resources will be consumed in the development and...more

Reviving Construction Projects — How to Avoid Creating a Frankenstein Monster

Reviving dead or moth-balled projects presents risks and rewards. The rewards include a shorter ramp-up period. The risks include the revival of claims akin to the unintended creation of a Frankenstein monster. But those...more

Mortgage Lenders Can’t Jump Ahead of Mechanic’s Liens

In Weitz Co., LLC v. Heth, 223 Ariz. 442, 314 P.3d 569 (Ct. App. Nov. 26 2013), the Arizona Court of Appeals held that the plain language of Arizona’s mechanic lien statute, A.R.S. § 33-992(A), does not allow a lender to jump...more

In Site - Winter 2013/2014

Welcome to the Winter 2013/2014 edition of In Site. This edition covers the following topics: - Collateral warranties, third party rights and the decisions in Parkwood Leisure Ltd v Laing O’Rourke Wales and Royal...more

Arizona Court of Appeals Gives Contractor the Edge over Certain Lenders in Mechanic’s Lien Foreclosure Lawsuit

In lien foreclosure lawsuits involving lenders and contractors, priority is everything. Where you stand in terms of priority will not necessarily determine when you get paid, but rather will determine whether you get paid....more

OCC Lending Handbook Needs Parenting on Important Legal Topics

In an earlier posting, I reviewed the OCC’s new Commercial Real Estate Lending handbook . The purpose of the handbook is to give parenting – I mean guidance – on risks inherent in commercial real estate lending. On legal...more

New York Appellate Division Summaries; Real Estate.

Deed/Acknowledgment Trumps Parties Clause/Intent of Grantor: Owner, an individual, transferred property..... POA/Conveyance by Agent to Self/Will/Executor vs. Agent/Bank of America/Encumbrancer for Value/Deed Set Aside:...more

Lenders Beware! Seller Subordination Agreement Ahead Lenders Beware! Seller Subordination Agreement Ahead

In Citizens Business Bank v. Gevorgian (2013) 218 Cal.App.4th 602, the Court declined to enforce a subordination agreement, where modifications to the underlying loan accomplished through a “side letter” to the construction...more

OCC Updates Handbook To Reflect Current CRE Lending Guidance

On August 20, the OCC issued bulletin OCC 2013-19, which attaches the Commercial Real Estate Lending booklet of the Comptroller’s Handbook to replace the OCC’s Commercial Real Estate and Construction Lending booklet. The new...more

Mechanics Lien Rights: Use ‘Em or Lose ‘Em

An important new case regarding New Hampshire Mechanics Lien Law has application for contractors in all states and reminds the industry of how painful uncollectible debts can be. In Moultonborough Hotel Group decided on July...more

The Return of Rhode Island Historic Tax Credits

On July 3, the Rhode Island budget bill for the 2014 fiscal year was signed into law by Governor Chafee. A part of this bill relates to historic tax credits and revives a program initially established in 2008 that...more

Simplifying the Mechanic's Lien Agent Process: N.C.'s New Online Clearinghouse

A version of this article was originally published in April 2013 and has now been updated. Effective April 1, 2013, project owners in North Carolina are now required to designate a Mechanic’s Lien Agent (MLA) for the...more

A Virginia Mechanic's Lien Refresher, Courtesy of Jack Bays

In February 2013 the Supreme Court of Virginia handed down its decision in Jack Bays, a mechanic’s lien lawsuit involving the landowner, several lenders, the general contractor and no fewer than eleven subcontractors....more

Case Law Shorts

NY Court of Appeals touches on priority between mechanic's liens. vs. acquisition loan where building loan is not filed. ...more

Federal Reserve Board And OCC Publish White Paper On CRE Concentration Guidance

On April 3, the Federal Reserve Board and the OCC jointly published a white paper on the regulators’ study of bank performance in the context of 2006 interagency guidance regarding commercial real estate lending that...more

Changes Taking Effect to North Carolina Lien and Bond Laws

The rules are changing when it comes to North Carolina lien and bond laws. And, the new provisions are substantially altering the way in which all parties involved in lien rights – from owners, buyers, and sellers to general...more

IRS Releases Audit Memorandum on Another HTC Transaction

The Internal Revenue Service recently released Field Attorney Advice 20124002F, revealing another attempt on audit to invalidate an allocation of historic tax credits (HTCs) to an HTC equity investor. Although only just made...more

International Interest Grows in Florida Real Estate Development: Currencies, Culture Work Together to Grow Foreign Interest in...

Currency devaluations in other nations are a big factor, but not the only factor, in growing international interest in South Florida real estate development. Consider these recent monetary events...more

Oregon “New Markets Tax Credit” Program: Businesses in Low-Income Areas Should Act Quickly to Take Advantage of Current Financing...

The Oregon Low Income Community Jobs Initiative, commonly known as the Oregon New Markets Tax Credit (“NMTC”) program, is a financing tool that can provide an additional $500,000 or more of net benefits to qualifying business...more

Summary Of HUD’s LEAN 232 Program E-Mail Blast: Office Of Residential Care Facilities (ORCF), February 28, 2013

In an effort to summarize the highlights of the U.S. Department of Housing and Urban Development (HUD) LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper are providing this...more

Drafting A Takeover Agreement

This article discusses the issues an owner, lender, completion contractor, and surety should consider when drafting a takeover agreement. Although each of these four main parties may share the basic goal of seeing the project...more

South Florida Commercial Real Estate: How Will Miami Commercial Property Fare in 2013?

Entering into the New Year, Florida real estate analysts and professionals involved in land development and real estate investment are looking at the South Florida commercial real estate market and wondering how it will fare...more

How is Florida's 2nd Largest Land Owner Doing? Revisiting The St. Joe Company as a Predictor for Florida Commercial Real Market in...

Floridians recognized the name "St. Joe" and with good reason: this Jacksonville company is the second largest land owner in the State of Florida, owning approximately 567,000 acres as of a tally last month....more

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