Insights on Real Estate

With precautions still in place to combat the COVID-19 pandemic that limit access to government buildings and promote social distancing, on September 23, 2020, Governor Gavin Newsom issued Executive Order N-80-20.

Schiff Hardin LLP is pleased to announce that 59 attorneys have been listed in the 2021 edition of The Best Lawyers in America, with six attorneys also being named a “Lawyer of the Year” in their respective areas of practice and location.

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.

Effective June 20, 2020, the Federal Reserve updated its Term Sheet and Frequently Asked Questions (the “Updated FAQs”) describing the Main Street Lending Program (the “Program”) to expand the number of businesses that may be eligible to borrow under the Program.

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).

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.

Partner Christine McGuinness will join a panel discussion about new challenges and opportunities in leasing to cannabis businesses.

In response to public feedback to the initial terms of the Main Street Lending Program, the Federal Reserve Board announced on April 30, 2020, an expansion of the loan options available to businesses and an increase in the maximum size of businesses that are eligible to borrow under the Program.

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

Chambers USA: America’s Leading Lawyers for Business has recognized 29 Arent Fox LLP attorneys as leaders in their field.

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.

Many senior living owners and operators have found that the Payroll Protection Program loan program either provides insufficient support to them or that they are ineligible for PPP loans.

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.

Below is a summary of the Main Street New Loan Facility and the Main Street Expanded Loan Facility, details of which were released by the Federal Reserve this morning. Arent Fox will continue to update, and expand on, this summary as more information becomes available.

On April 7, 2020, the Council of the District of Columbia unanimously passed the COVID-19 Response Supplemental Emergency Amendment Act of 2020.

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.

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