HUD-insured debt may be a narrow field within the broader realm of commercial real estate finance, but it never ceases to amaze me the variety of issues that I encounter within the relatively small HUD sandbox. Dinsmore’s work as lender’s counsel on a recent multifamily 223(f) loan had me grappling with issues related to sovereign immunity, a legal concept that had barely entered my consciousness since graduating from law school ...
On 22 December 2022, the Commissariat aux Assurances (the CAA) released Circular Letter 22/22 on the takeover of intermediation in certain types of life insurance contracts (Circular 22/22).This circular provides guidelines on issues that may arise in the context of a takeover of insurance intermediation (reprise d’intermédiation). 1 ...
2023 is set to be a landmark year for the real estate industry, with major legal developments expected and new legislation coming into force. These changes are analysed below, with Shoosmiths’ experts examining the legislation and its implications on developers, investors, occupiers and others operating across the real estate sector ...
2022 was a record year for the UK’s living sector. Investment into the sector exceeded £10bn in Q3, fuelled by growth across build to rent, student accommodation and healthcare. While the data for Q4 is yet to be revealed, JLL predicts that the total investment for the year could surpass the £13.8bn recorded in 2021 ...
Sheelagh Cooley, real estate partner at Shoosmiths, comments on the successful Scottish green freeport bids - Inverness and Cromarty Firth Green Freeport and Forth Green Freeport. The Scottish and UK governments have announced Scotland’s first Green Freeports ...
As the ‘permacrisis’ of the last few years follows us into 2023, the construction industry is likely to experience further instability and economic uncertainty – driven by labour shortages, material and price fluctuations and the geopolitical landscape. Economic conditions It’s not all bad news, however. In December, the Office of National Statistics published its Construction output in Great Britain: October 2022 ...
The recent decision of an Inspector to reject confirmation of a compulsory purchase order (CPO) sought by the Royal Borough of Windsor & Maidenhead Council is a key reminder of the need to use CPO powers only as a matter of last resort and to be mindful of the impact of a proposed scheme on the human rights of affected landowners ...
Determining the correct rate of rent in a 1954 Act renewal can be a sticky subject at the best of times, not least when a rent-free period is thrown into the mix. Section 34 of the Act allows the Court to determine the level of rent due under the new lease, taking into account comparable evidence and applying certain disregards. Whilst s ...
The government is currently consulting on amendments to Approved Document B, which gives guidance on how to meet the requirements of the Building Regulations, including options for providing sprinklers in care homes and to recommend a second staircase be provided in residential buildings over 30 metres in height ...
“With the energy crisis likely to continue throughout 2023 and pressures on governments, businesses and individuals to take action to tackle climate change, I expect that, whilst government funding may be limited, there will be no shortage of capital for investment in clean energy projects ...
If your organization operates or could be sued in New York, there has been recent activity on the legal and regulatory risk landscape that risk professionals should be prepared for. New York’s newly-enacted Comprehensive Insurance Disclosure Requirements legislation opens the door for defendants to request that organizations disclose the details of their commercial insurance programs that may apply to a judgment in the case ...
In September 2022, the UAE introduced an insurance scheme pursuant to Federal Decree No. 13 of 2022 concerning unemployment insurance. This law was followed by Cabinet Decision No. 97 of 2022 concerning the mechanisms and controls for implementing the unemployment insurance scheme, and Ministerial Resolution No. 604 of 2022 concerning the unemployment insurance scheme (together with the Federal Decree, theUnemployment Insurance Law) ...
With just days left till Christmas, the government has revealed more details on its proposed approach to planning reform with a draft National Planning Policy Framework released for consultation. Views are also being sought on a proposed approach to preparing National Development Management Policies, levelling up policy, and how national planning policy is currently accessed by users, but not as yet on the much needed funding for these changes ...
Construction professionals sometimes feel as if it is déjà vu when it comes to disputes—and they are right. There are a handful of claim types that always seem to rear their heads, even in projects that generally are run well. This article will briefly describe those claims and how to avoid them in 2023. 1. Design Error Claims These claims often come up when an inexperienced owner (or architect) are working on an entirely new type of project ...
A picture is worth a thousand words, but what about a drone video? To construction firms and the lawyers who represent them, drones, also known as unmanned aerial vehicles (“UAVs”), enable firms to capture large amounts of high-quality information in a quick and efficient manner ...
The Site Report has extensively discussed the developments of 3-D printing building construction and its impact on the construction industry. 3-D printing structures is becoming more commonplace. Last month, Iowa State University began designing 3-D printed housing for rural Iowa. ICON Technology, Inc., an Austin, Texas company, is currently planning to build an entire subdivision in Texas using its 3-D printing technology ...
In this briefing, we will review the implications of the Law for property transactions in Jersey. Tax on purchase of residential properties which are not used as a main residence The key implication of the Law is that stamp duty (and equivalent land taxes such as land transactions tax and enveloped property transactions tax) on acquisitions of domestic residential property which will not be the purchaser's main residence will be increased ...
The COVID-19 pandemic resulted in many business owners seeking business interruption and extra expense coverage for lost income sustained as a result of mandatory closures of their businesses. At the core of such claims is the issue of whether businesses can obtain coverage for business interruption in the absence of direct physical loss to their business premises from COVID-19. Consistent with national trends, the Supreme Court of Ohio, in Neuro-Communication Servs., Inc. v ...
Anyone familiar with the construction industry knows that retainage – or money held back from payment until a later time – is a tool that project owners and general contractors have long used to protect against contractor nonperformance or other project risks ...
Renewable energy developers and contractors have been anticipating the Treasury Department and IRS’s initial guidance on what is required to satisfy the prevailing wage and apprentice requirements under the Inflation Reduction Act (IRA) ...
Kudun and Partners represented Altitude Development Co., Ltd., one of Thailand’s leading real estate development, in the offering of newly issued shares to Lotus Global Investment, a foreign PE fund, representing 12.49 percent of its total issued share capital, with a transaction value of THB 500 million (approximately USD 13.8 million). This transaction is an important milestone prior to the client’s initial public offering in the Stock Exchange of Thailand ...
As we take stock on 2022, and look forward to 2023, let’s briefly reflect on some of the topics that are current with our Living sector teams and clients ...
The UK’s purpose-built student accommodation (PBSA) sector remains resilient despite months of economic and political uncertainty. “The fundamentals of the operational market in PBSA are very strong. I don’t think anyone is sat there saying that we don’t have great universities, we’ve got great occupancy and we’ve got growing demand,” outlined Alex Pease, executive director at Watkin Jones Group, at a recent Shoosmiths’ roundtable ...
