Fairfield Connecticut Building Expert Directory

Key Legal Considerations for Modular Construction Contracts

April 19, 2021 — Frederick E. Hedberg - Construction Executive
Modular construction is literally on the rise. It is rapidly displacing traditional stick-built construction for new commercial, industrial and residential buildings. Over the past decade, an increasing number of health care, education facilities and apartment buildings have been built using modular construction. As the need for housing, and especially affordable housing, has grown as a result of the COVID-19 pandemic, modular construction is becoming increasingly popular. Recently, the Canadian government, through the Canadian Mortgage Housing Corporation, launched a “Rapid Housing Initiative,” a $1 billion program utilizing only modular construction to rapidly construct affordable housing for its citizens. Similarly, the city of Toronto (which last year approved a plan to build 250 modular homes in response to homelessness) plans to build 1,000 modular homes by 2030. The pandemic also has resulted in an urgent demand for modules for medical facilities and schools. Modular construction allows contractors to build “leaner” and “greener” buildings while increasing quality control and improving site safety and potentially saving valuable time and money. Reprinted courtesy of Frederick E. Hedberg, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved. Read the court decision
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Mr. Hedberg may be contacted at fhedberg@rc.com

New York Court Temporarily Enjoins UCC Foreclosure Sale

September 21, 2020 — Steven E. Ostrow, Timothy E. Davis, Steven E. Coury & Kristen E. Andreoli - White and Williams
New York courts have become a battleground for challenges to foreclosure sales under the Uniform Commercial Code (UCC) amidst the COVID-19 pandemic. Another trial court of the New York State Supreme Court (New York County) issued a preliminary injunction in Shelbourne BRF LLC v. SR 677 Bway LLC, halting a mezzanine lender’s August 19, 2020 UCC foreclosure sale. The decision confirms that the impact of the pandemic on the value of commercial real estate, and upon traditional steps taken to conduct a foreclosure auction, are both key factors that courts will continue to consider in determining whether a UCC foreclosure sale scheduled during the pandemic can be conducted in a commercially reasonable manner as required by the UCC. THE CASE In Shelbourne, the mezzanine borrowers owned the membership or equity interests in the companies (collectively, the “Property Owner”) that held title to a 12-story office building in Albany, New York. As security for the $3.35 million mezzanine loan, the mezzanine borrowers pledged their equity interests to the mezzanine lender. In May 2020, the mezzanine lender declared a default under the mezzanine loan as a result of the Property Owner’s default under the $28.5 million senior loan secured by a mortgage against the office building. The mezzanine lender then scheduled a public UCC foreclosure sale of the equity interests in the Property Owner for August 19, 2020. If the sale had been held, the equity interests in the Property Owner (and right to control the Property Owner and office building) would have been transferred to the successful bidder, either the mezzanine lender or a third party purchaser. Reprinted courtesy of White and Williams attorneys Steven E. Ostrow, Timothy E. Davis, Steven E. Coury and Kristen E. Andreoli Mr. Ostrow may be contacted at ostrows@whiteandwilliams.com Mr. Davis may be contacted at davist@whiteandwilliams.com Mr. Coury may be contacted at courys@whiteandwilliams.com Ms. Andreoli may be contacted at andreolik@whiteandwilliams.com Read the court decision
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Guardrail Maker Defrauded U.S. of $175 Million and Created Hazard, Jury Says

October 22, 2014 — Patrick G. Lee – Bloomberg
Secret changes by Trinity Industries Inc. to its guardrail systems were found to have cheated the U.S. government, exposing the company to $1 billion in damages and penalties and sending shares plummeting as states question the safety of the product. The east Texas jury’s verdict comes as scrutiny of the highway-safety product called the ET-Plus intensifies across the country after it’s been blamed for multiple deaths. The Federal Highway Administration this month asked all states to start submitting information on crashes involving the ET-Plus to the agency’s safety office. The agency will evaluate the findings of the case and “consider whether it affects the continued eligibility of the ET-Plus,” Brian Farber, a spokesman for the Department of Transportation, said in an e-mail. Read the court decision
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Reprinted courtesy of Patrick G. Lee, Bloomberg
Mr. Lee may be contacted at plee315@bloomberg.net

Corporate Transparency Act’s Impact on Real Estate: Reporting Companies, Exemptions and Beneficial Ownership Reporting (webinar)

December 04, 2023 — Pillsbury's Construction & Real Estate Law Team - Gravel2Gavel Construction & Real Estate Law Blog
On October 23, 2023, colleague Andrew Weiner and Kevin Gaunt, counsel at Hunton Andrews Kurth, examined the Corporate Transparency Act (CTA), effective Jan. 1, 2024, and its impact on real estate entities and transactions, including who is considered a reporting company subject to new beneficial ownership information (BOI) reporting requirements and whether an exemption applies. The panel also discussed certain state laws that impose similar reporting requirements as the CTA and described best practices for real estate counsel to assist their clients with preparing for the CTA’s implementation and ongoing compliance. The panel also reviewed other important considerations, including:

Which real estate entities will likely be most affected by the CTA’s implementation and why?
What exemptions may apply?
How will the CTA’s reporting requirements affect real estate transactions for lenders and investors/buyers?

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Pillsbury's Construction & Real Estate Law Team