A recent court order issued as part of an ongoing litigation involving a Manhattan hotel held that a mezzanine lender may proceed with a UCC foreclosure sale of the mezzanine loan collateral despite N.Y.E.O. 202.8, which prevents creditors from initiating judicial foreclosures. In “Distressed Real Estate During COVID-19: New York…
On May 13, 2020, proposed California Senate Bill No. 939 was amended to not only prohibit landlords from evicting commercial tenants during the pendency of the COVID-19 state of emergency, but to extend protections to certain qualifying tenants permitting express rent reduction negotiation rights and lease termination rights. In “Proposed…
On Friday, May 15, New York began reopening businesses after widespread closures in response to the coronavirus pandemic. New York Forward, the New York plan to reopen the state, divides the state into ten (10) regions. Each region may reopen in a four-phased process as it satisfies certain metrics. In…
Pillsbury is tracking the impact on construction projects of COVID-19-related orders and guidance from CISA, and in all 50 states and the District of Columbia. See our Updated COVID-19 Construction Chart.
Building on existing New York State protections, the New York City Council has passed a bill providing protections for individuals who have guaranteed leases for premises affected by COVID-19. In “New York City Council Proposes Extensive Protections for Commercial Lease Guarantors,” colleagues Andrew J. Weiner and Adam J. Weaver discuss that…
On May 13, 2020, one day before the expiration of the relevant “safe harbor” deadline, the Small Business Administration (SBA) issued new guidance to borrowers who have been considering whether to return their CARES Act Paycheck Protection Program (PPP) loans in the event that the borrowers failed to consider their…
On Thursday, May 7, California rolled out a modified stay-home order and issued guidance to move into “Stage 2” of reopening certain sectors of the economy. In “California Allows Localities to Reopen Certain Businesses Consistent with State Guidance,” colleagues Robert A. James, Callie A. Bjurstrom, Michelle A. Herrera and Stacie O. Kinser discuss how this…
Despite the economic uncertainty caused by the COVID-19 crisis, investment in Opportunity Zone funds continues to grow and shows signs of gaining momentum. Investment in Opportunity Zone funds listed by Novogradac now tops $10 billion, and is up 50% since early January. Opportunity Zones were a buzzword following the establishment…
This past week, multiple states extended States of Emergency or Stay at Home Orders, while simultaneously issuing orders regarding reopening their states. Because construction was deemed essential in the majority of the states, many re-opening orders have very little direct impact. However, even in states where construction was never ordered…
Please join us on May 6, 2020, for a conversation with Rachel Horsch and Nancy Fischer of Pillsbury as well as Jonathan Schaefler, Managing Director of real estate company Newmark Knight Frank, regarding foreign direct investment, CFIUS, changes in regulation and what the market holds. Register Here