Perspectives on Real Estate
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Since the COVID-19 pandemic began, real estate owners and tenants have faced unprecedented day-to-day operational challenges from the loss of business and income. Two new real estate lawsuits seek to address these issues.
Real Estate Partner Bryson Filbert, Counsel Jeff Mitchell, and Associate Angela Fuccillo represented FCP in a joint venture to acquire the Tides at South Tempe, a 422-unit apartment complex in Tempe, Arizona. The $71.5 million acquisition is the company’s first investment in the Arizona market.
There are many types of swaps: commodity swaps, foreign exchange swaps, but of primary interest to real estate lawyers are interest rate swaps. Interest rate swaps are colloquially thought of as contracts by which a naturally floating rate interest rate contract (a loan agreement or promissory note)
The 2020 edition of Legal 500 US has rated 43 Arent Fox LLP attorneys as national leaders in their field. In addition, 14 of the firm’s practice areas were ranked among the best in the country.
On June 8, 2020, Mayor Bowser signed the Coronavirus Support Congressional Review Emergency Amendment Act of 2020 (the Act), which the Council of the District of Columbia had unanimously approved on May 19, 2020. The Act is now in effect for 90 days (i.e., until September 6, 2020).
REITs Accruing Rent Without Receiving Corresponding Cash Payments Need to Start Considering Their Options Now
Because COVID-19 has caused many tenants to experience significant financial hardship and cash shortfalls, their landlords that are real estate investment trusts (REITs) may experience challenges satisfying tax requirements to maintain REIT status in 2020.
On May 19, 2020, the Council of the District of Columbia unanimously approved the Coronavirus Support Emergency Amendment Act of 2020 (the “Act”), which consolidates the four previous emergency acts adopted by the Council, and includes notable additions and modifications.
On May 5, 2020, the Council of the District of Columbia unanimously approved another bill in response to the ongoing COVID-19 crisis, the Coronavirus Omnibus Emergency Amendment Act of 2020.
Revised term sheets and FAQs issued by the Federal Reserve Board expand the program and provide additional guidance for borrowers affected by the COVID-19 crisis. A chart outlining the updated term sheets can be found in the link below.
As we noted previously, on April 7, 2020, the Council of the District of Columbia (the “Council”) unanimously passed the COVID-19 Response Supplemental Emergency Amendment Act of 2020 (the “COVID-19 Supplemental Act”). This emergency legislation, which was officially enacted on April 10, 2020, will
On April 23, 2020, the Massachusetts Legislature passed an act providing for remote notarization to address challenges related to the 2019 novel coronavirus (COVID-19). The act has been sent to Governor Baker for his review and signing.
On April 14, 2020, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued an interim final rule to temporarily defer the requirement for real estate-related appraisals and evaluations.
The Main Street Lending Program (the Program) is separated into two distinct facilities – the Main Street New Loan Facility (MSNLF) and the Main Street Expanded Loan Facility (MSELF). The points below outline why the Program could be attractive to hotel owners, hotel operators, and their lenders.
On April 7, 2020, the Council of the District of Columbia unanimously passed the COVID-19 Response Supplemental Emergency Amendment Act of 2020.
California’s Property Tax Deadline: San Francisco and San Mateo Counties Extend Deadline While Other Counties Maintain Deadline with Penalty Relief
While the April 15 deadline for filing federal and state tax returns has been extended, the April 10 deadline to pay California property taxes without penalty will stand for most California counties.
CARES Act Section 4024 - Temporary Prohibition of Eviction on Properties Financed by Federally Backed Mortgage Loans
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides, among other things, immediate eviction relief for certain residential tenants, but does not address relief for commercial tenants.
For the development community, the disruptions caused by the pandemic will add more uncertainty to an already uncertain entitlement landscape.
On March 27, 2020, California Governor Gavin Newsom signed Executive Order N-37-20, placing a statewide ban on the enforcement of evictions of residential tenants who are unable to pay rent due to COVID-19. A number of cities and counties across the state have also passed their own restrictions, som
Due to “shelter-in-place” or “stay at home” orders that are in place in many jurisdictions throughout the country, government offices are generally closed to the public and public gatherings are limited.
AF Deal Flow: PacWest Provides Financing to Transform DC Bus Terminal Into Premier Mixed-Use Development
Arent Fox recently advised Pacific Western Bank in connection with the financing of Storey Park, a premier mixed-use infill development in the dynamic NoMa neighborhood of Washington, DC.
Twenty-five Arent Fox LLP practices have been recognized in the 2020 “Best Law Firms” rankings that are published annually by US News & World Report and Best Lawyers.
Arent Fox recently advised DSC Partners, a District of Columbia based investment group, in the acquisition and financing of 28 office and flex buildings for $149 million.
On September 24, the IRS issued Revenue Procedure 2019-38, clarifying rental real estate owners’ eligibility for the highly anticipated tax break under section 199A of the Internal Revenue Code.
SJC Authorizes Mass. Housing and District Court Judges to Issue Rent Escrow Orders in Pending Eviction Cases
If a landlord delivers a notice to vacate to a tenant due to lease violations or the expiration of the term, the tenant is legally required to vacate the premises. However, this does not always happen.