Construction Finance & Banking

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Real Estate: Foundation - April 2015

In this issue: - How NMTCs Benefit Real Estate Community Development Initiatives - Noteworthy Real Estate Deals - What’s Your Priority? An Open-Ended Examination of Pennsylvania’s Mechanics’ Lien...more

Enhanced Infrastructure Districts: A Flexible New Tool for Local Governments

After the dissolution of California redevelopment agencies (RDAs) in 2011, many local governments desired a tool to raise capital to invest in infrastructure and community revitalization. On September 29, 2014 SB 628 was...more

Missouri Passes Data Center Incentive Legislation

Missouri recently joined the growing number of states that have created incentives for the construction or expansion of data center facilities. The new law, signed on April 9, 2015, provides exemptions from various state and...more

From Handshake to Ribbon Cutting: Lessons in Implementing Economic Development Incentives that Avoid Clawbacks

Once an incentive agreement is in place, it is time for the company to get to work building and staffing the new or expanded facility. While the economics of a deal are typically still on track, the initial buildout/expansion...more

Letters of the Law: 'G' is for Guarantee

Security in the form of guarantees (or bonds) is common practice in construction projects. With contractors, sub-contractors, suppliers and even consultants being required to provide some or all of tender, performance,...more

7th Circuit Rules That Title Insurer Is Not Liable for Construction Liens Resulting From Lender’s Failure to Fund

The 7th Circuit has ruled that a lender is not insured by a title company for liens that arise after a construction loan became significantly out of balance and the lender stopped funding. In BB Syndication Services, Inc v....more

Condominium unit ILSA sales exemption now effective

Effective March 25, 2015, the sale of condominium units are no longer subject to the registration requirements of the Interstate Land Sales Full Disclosure Act (ILSA) under a new exemption. This new exemption applies only to...more

HUD and Census Bureau Announce New Residential Construction Activity in February

On March 19, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for February 2015: (i) BUILDING PERMITS: Privately...more

Why Miami Offers Attractive Opportunities to Chinese Investors

More so than ever, wealthy Chinese investors are actively seeking returns abroad when it comes to real estate investments. China’s 2014 GDP growth of 7.4% was the slowest since 1990 and China’s growth outlook is gloomy due to...more

(US) Are Small Business Administration 504 Loans Exempt from High Volatility Commercial Real Estate Regulations?

As discussed in a prior blog , Basel III regulations governing high volatility commercial real estate (HVCRE) went into effect. The HVCRE rules require lenders to assign a higher risk weighting to loans for the acquisition,...more

Illinois Court Holds that Engineering Plat Did Not Improve Land, Rendering Mechanics Lien Invalid

The Illinois Appellate Court invalidated an engineering firm’s mechanics lien for platting of undeveloped land performed as due diligence before a sale, because the services provided by the firm did not increase or improve...more

Are You Continuing Construction? IRS Issues Fourth Renewable Energy Tax Credit Beginning of Construction Notice

On March 11, 2015, the Internal Revenue Service (IRS) issued Notice 2015-25, which provides further guidance to assist renewable energy facility developers and investors in evaluating whether such facilities satisfied the...more

To Fund or Not to Fund – that is the Question

On Friday the 13th (3/13/2015), the Court of Appeals for the 7th Circuit decided that a title insurer did not have to provide coverage to its insured – the perfected, first lien lender – for priming mechanics’ liens that –...more

Seventh Circuit Court of Appeals: No Coverage under Title Insurance for Mechanics’ Liens Arising after Construction Lender Stops...

On March 12, 2015, the United States Court of Appeals for the Seventh Circuit entered an opinion interpreting “the most litigated provision in the standard-form title-insurance policy purchased by real-estate lenders to...more

Sort Through Affordable Housing Development Acronyms

Real estate developers looking to enter the affordable housing marketplace are familiar with the acronym “LIHTC” (low-income housing tax credit), but may be wondering how one works with a public housing agency (PHA) to obtain...more

Nevada Supreme Court Addresses Private Sale Through Receivership

In U.S. Bank, N.A. v. Palmilla Development, Co., Inc., the Nevada Supreme Court recently confirmed that a receiver’s sale is a form of foreclosure sale that triggers a secured party’s right to a deficiency judgment. This...more

Energy Newsletter - March 2015

In This Issue: - Opportunities in Distressed Markets: Insights into the Acquisition and Divestiture Process - A Project Owner's Primer On Delay In Start-Up Insurance - UKCS: Maximising Economic Recovery...more

Rating Agency Developments

On March 9, Moody’s released its updated methodology for rating privately-financed public infrastructure (PFI/PPP/P3) projects. On March 9, Fitch released its updated criteria for rating single- and multi-name credit-linked...more

Summary of HUD’s LEAN 232 Program Email Blast: Office of Residential Care Facilities (ORCF), February 2015

In an effort to summarize the highlights of the LEAN Email Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper Hamilton are providing this quick synopsis of the latest LEAN update. Our aim...more

Colorado Supreme Court: Construction Lender's Subsidiary Is Not a Subsequent Purchaser - Negligence Claim May Not Be Asserted...

Lenders and contractors may want to take additional precautions before they take title to a newly constructed home through foreclosure (or deed in lieu of foreclosure) following a recent decision by the Colorado Supreme...more

Coastal Flooding and Resiliency: New Challenges and Opportunities for the Commercial Real Estate and Finance Industry

Virginia, North Carolina and other mid-Atlantic coastal communities are no strangers to severe weather and related storm surges and flooding. However, many of these communities are experiencing storm surges and tidal and...more

New Development Opportunities Through Public-Private Partnerships

Homebuilders and developers may want to consider availing themselves of opportunities arising through public-private partnerships (P3s). The Obama administration has recently proposed several creative approaches to P3s. Those...more

Texas Legislature Gets in Gear

The biennial Texas Legislative Session started January 13. Two months later, they are now setting committee hearings other than finance ones. But Mondays and Fridays are still pretty much travel days. So, last Friday I...more

Will We See A Trend For Direct Pension Fund Investment In US Greenfields Infrastructure?

Although historically the investment profile for pension funds has focused on established brownfields assets, the Canadian Pension Plan Investment Board (CPPIB) has recently invested $525 million AUD into the greenfields...more

Understanding the 4 “P’s” Before the P3 (Public-Private Partnership)

To get a P3 proposal to the starting line, public officials need to make sure that there is clarity and agreement on basic issues and priorities - Aging and inadequate infrastructure, required upgrades and scarce...more

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