Archives: Real Estate (U.S.)

Subscribe to Real Estate (U.S.) RSS Feed

(US) It’s that Time of the Year ; Pennsylvania Real Property Assessments are on the Horizon

It’s that time of year again, as Pennsylvania real property tax assessments will soon be upon us. It is important that property owners do not take an assessment or reassessment at face value. Please contact us if you would like assistance in evaluating your property for a possible 2016 appeal. The annual appeal deadlines for … Continue Reading

(US) 4 Ways Buyers Can Speed Up Commercial Real Estate Due Diligence

In a June 9th article on Law360.com, Simon Adams comments on the challenges commercial real estate investors face when seller are requiring prospective buyers to undertake due diligence in ever shortening time frames. Among the four methods is locating pre-existing surveys and documents, which can be substantial time and money savers for prospective buyers. The … Continue Reading

(US) Property Reassessments are coming to some Pennsylvania Counties

Multiple counties throughout Pennsylvania are conducting county-wide real property tax reassessment projects in 2015, including Washington, Indiana, Lancaster and Blair counties. Information requests are also being mailed out to property owners. Here are some details for each county. Washington County  The county-wide reassessment is underway and is expected to conclude by the end of calendar year 2015.  The county … Continue Reading

(US) Revised Phase I Environmental Standards Will Impact Property Acquisitions this Fall

This post was also written by Todd Maiden. The All Appropriate Inquiries Rule (the “AAI Rule”), set forth at 40 CFR Part 312, serves as a benchmark protocol for inspecting a property’s environmental condition. If the benchmark is met, a prospective purchaser can be insulated from liability under the Comprehensive Environmental Response, Compensation, and Liability Act … Continue Reading

(US) Banks Face Steep Learning Curve In Targeting Senior Housing

In an article published on Law360.com titled “Banks Face Steep Learning Curve In Targeting Senior Housing,” Simon Adams of Reed Smith’s Real Estate Practice Group comments on the complexities banks face with senior housing project lending, a financing area new to major banks. The article addresses issues specific to senior housing, triggered by an announcement … Continue Reading

(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, development or construction (ADC) of commercial real estate. The higher risk weighting may be avoided if: the loan-to-value ratio … Continue Reading

(US) Revised Pennsylvania Statute Creates Power of Attorney Chaos

The Pennsylvania Legislature enacted extensive changes to Title 56 of the Decedents, Estates and Fiduciaries Code affecting powers of attorney, effective as of January 1, 2015. The amendments create a number of issues for creditors in commercial transactions and individuals and businesses engaging in the transfer of equity interests, bonds or other assets of a … Continue Reading

(US) High Volatility Commercial Real Estate: New Rules Have Effect on Cost and Availability of Mortgage Capital

On January 1, 2015, the final Basel III rules regarding regulatory capital for banks with greater than $500 million in assets and all savings and loan holding companies took effect. Basel III imposes new rules for high volatility commercial real estate (HVCRE) which the regulations define as a credit facility that finances the acquisition, development … Continue Reading

(US) The EB-5 Visa Program: A Popular Real Estate Financing Program’s Reauthorization Is Uncertain

The EB-5 Visa Program has become an increasingly popular vehicle for real estate project financing in the United States. Last year, for the first time in the Program’s history, the annual supply of EB-5 immigrant investor visas, which is capped at 10,000, was fully depleted. More than 11,000 foreign citizens applied for EB-5 Visas in … Continue Reading

(US)Northern California Tech Firms Hunt for Space: Dramatic Impact On The Commercial Office Market

In an article published on Law360.com titled "Tech Was ‘Not Tethered To Spreadsheets’ For 2014 RE Buys," Simon Adams of Reed Smith’s Real Estate Practice Group comments on the real estate market effects in Northern California caused by a booming tech industry demand for office space. Tech companies are doing massive deals, often demanding lease terms … Continue Reading

(US) Preservation vs Development: History Complicates San Francisco’s Surging Real Estate Development Market

 In an article published on Law360 titled "History Complicates San Francisco’s Surging Real Estate Development," Simon Adams of Reed Smith’s Real Estate Practice Group comments on the challenges developers face with historic-designated properties in the city.  " I think [the need for housing is] a particular challenge to San Francisco right now,”  noting the tension between the … Continue Reading

(US) The Oil and Gas Industry in Pennsylvania: The State of Compulsory Integration

In an article titled“The State of Compulsory Integration in Pennsylvania” that appears in The Legal Intelligencer, Michael Joy, Robert Jochen and Steven Chadwick of our Pittsburgh office review the challenges oil and natural gas developers face in Pennsylvania. The authors argue that an established compulsory integration process will benefit the industry by providing a predictable permitting … Continue Reading

(US) Present Value in Lease Terms: PA Superior Court Holds Reductions in Present Value Must Be Explicitly Stated In The Lease

On August 19, 2014, the Pennsylvania Superior Court affirmed a trial court’s decision not to reduce accelerated damages awarded to a landlord to present value, thereby strengthening the landlord’s position with respect to acceleration clauses in an already landlord-friendly state. The case, Newman Development Group of Pottstown, LLC v. Genuardi’s Family Market, Inc. and Safeway, … Continue Reading

(US) PA Landlord Tenant Act: More PA Legislation on Abandoned Property

Pennsylvania Act No. 129 of 2012 (effective September 4, 2012), amended the Landlord and Tenant Act of 1951 to provide for the disposition of personal property deemed abandoned by a tenant. The Pennsylvania legislature has returned to this subject with Pennsylvania Act No. 167 of 2014 (effective December 21, 2014). Under the prior law, there … Continue Reading

(US) DC Real Property Tax Abatement: Another Tool to Free Up Cashflow

In many cases nonprofit organizations do not have large endowments or reserves in place from which they draw upon to readily accomplish and sustain a real estate acquisition. In today’s market, buyers are typically expected to contribute between 10-20% cash equity upfront as well as meet reoccurring payments of debt service, operating expenses and real … Continue Reading

(US) Not All Title Companies Are Created Equal: Choosing Wisely

Selecting a title company for a transaction is influenced by a number of factors, including the level of customer service, responsiveness and sophistication (particularly when dealing with complex commercial transactions). Knowledgeable and responsive escrow officers and underwriters can facilitate closings tremendously. However, underwriting guidelines may adversely affect an underwriter’s ability to deliver an acceptable title … Continue Reading

(US) Pennsylvania Rehabilitates the Abandoned & Blighted Property Conservatorship Act

Property owners, lien-holders and community development organizations in Pennsylvania, take note. Governor Corbett recently signed House Bill No. 1363 amending the act of November 26, 2008 (P.L.1672, No.135), also known as the Abandoned and Blighted Property Conservatorship Act. Depending on your viewpoint, the amendment gives much needed teeth to a tool for combating blight, or … Continue Reading

(US) A Groundbreaking Community Agreement in Pittsburgh: A Renewed Vision for Urban Development & Community Participation

Pittsburgh 'Hill District' 'urban development' CCIP 'Community Collaboration and Implementation Plan' TIF 'tax increment financing' 'Pittsburgh Penguins' Penguins 'CONSOL Energy Center' 'Civic Arena' 'Inclusionary Affordable Housing' 'Greater Hill District Neighborhood Reinvestment Fund'… Continue Reading
LexBlog