On Tuesday, April 17, 2012, the Missouri Supreme Court handed down its decision in First Bank v. Fischer & Frichtel, Inc. (Case No. SC91951), a case which we originally discussed in early-October. The Court’s 6-1 decision (with Justice Draper and Justice Price not participating and Justice Teitelman dissenting in a separate opinion) upheld Missouri’s common… Continue Reading
Category Archives: Real Estate Finance
Subscribe to Real Estate Finance RSS FeedConcentration of low-income housing tax credits called into question by ICP case
Posted in Economic Development, Real Estate FinanceDuring the economic downturn, while real estate development has been severely impacted, the demand for multi-family housing has remained strong, rising over 51% at one point late last year. Within the multifamily market, one steady sector has been the development of low income housing supported by the use of Low Income Housing Tax Credits (LIHTC). … Continue Reading
Colorado’s Regional Tourism Act utilizes tax subsidies to generate economic development
Posted in Economic Development, Hospitality, Real Estate FinanceGiven the current economic climate, the proposed Gaylord Rockies Resort and Conference Center has sparked recent debate regarding the use of tax subsidies to help fund private development. As part of the project’s financing, the City of Aurora has submitted an application to the Colorado Economic Development Commission on behalf of Gaylord requesting $85.4 million in… Continue Reading
Limitations and considerations in transferring letters of credit
Posted in Corporate Real Estate, Real Estate FinanceLetters of credit can provide a relatively reliable source of collateral in a variety of financing contexts. The value of these instruments to lenders, and their utility for borrowers, however, can be mitigated by a variety of legal and practical restrictions on the transfer of such credits. To maximize the value of a letter of… Continue Reading
The importance of a waiver of subrogation clause in a commercial lease
Posted in Corporate Real Estate, Design and Construction, Real Estate FinanceA waiver of subrogation provision is one of the most misunderstood, yet critical provisions, in a commercial lease – and one that benefits both the landlord and the tenant. The importance of a protective mutual waiver of subrogation is more clearly seen through a practical example.
Missouri Supreme Court Hears Argument on Deficiency Judgment Law
Posted in Corporate Real Estate, Legislation, Real Estate FinanceAs we relayed in early-December, today, the Missouri Supreme Court heard oral arguments in First Bank v. Fischer & Frichtel, Inc. (Case No. SC91951). The Missouri Supreme Court’s decision in this case, which we originally discussed in early-October, will determine whether the Court alters Missouri’s long standing common law approach to deficiency judgments.
Issuers Beware: SEC amends definition of an “Accredited Investor”
Posted in Real Estate Finance, Zoning, Land Use & Municipal LawThis post has been contributed by Amy Raj Goostree, Jeffrey T. Haughey, and Kirsten P. Salzman of Husch Blackwell’s Securities & Corporate Governance Group On December 21, 2011, the Securities and Exchange Commission announced an amendment to its definition of “accredited investor” [pdf] that excludes the value of a primary residence and includes certain liabilities secured by primary residences… Continue Reading
IRS Determines Sale of State Tax Credits are Taxable
Posted in Economic Development, Real Estate FinanceOn November 25, 2011, the IRS released Chief Counsel Advice memorandum Number 201147024[pdf], which states that the sale of certain Massachusetts state tax credits from the original recipient (the “Taxpayer”) to a third party (the “Recipient”) creates a taxable event for both the Taxpayer and the Recipient. While the Memorandum only applies to Massachusetts state tax credits, the… Continue Reading
Missouri Supreme Court Decision on Deficiency Judgment Law Nears
Posted in Corporate Real Estate, Legislation, Real Estate FinanceThe Missouri Supreme Court docketed oral arguments in First Bank v. Fischer & Frichtel, Inc. (Case No. SC91951) for Wednesday, January 11, 2012. This real estate foreclosure case, which we originally discussed in a blog posted early October, will determine whether the Court alters Missouri’s long standing common law approach to deficiency judgments.
Making Historic Preservation a Federal Priority: Comparing the Federal Historic Preservation Program Task Force Recommendations and the National Park Service’s Second Century Plan
Posted in Economic Development, Real Estate FinanceIn the face of numerous federal legislative efforts and budget plans proposing to cut or modify the Federal Rehabilitation Tax Credit Program (the “FRTC Program”), the Federal Historic Preservation Task Force (the “Task Force”), in its report released August 11, 2011, provides recommendations for strengthening the Federal Historic Preservation Program (the “FHP Program”) that houses… Continue Reading
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