11/08/2019
Many commercial real estate loans are “non-recourse,” which means in general terms that foreclosing on the real estate securing the loan is the lender’s sole remedy for a borrower’s failure to repay the loan. The lender is generally prohibited from suing the borrower entity or any individual guarantors to recover the unpaid debt or any… Read more »
11/07/2019
Borrowers often envision future alterations to enhance the economic value of the commercial real estate asset, when closing the initial loan. Such alterations can be in the form of capital improvements, tenant improvements, renovations, and/or expansions of the facility. At term sheet negotiation, the borrower should consider the long-term and short-term plans for the property,… Read more »
09/04/2019
The recently adopted Qualified Opportunity Zone Program (QOZ), introduced in 2017’s Tax Cuts and Jobs Act, is emerging as a potentially significant federal economic development tool that could improve the outcomes of distressed communities throughout the United States. Through the QOZ program, investors can inject capital into government-designated, economically-depressed communities and promote long-term economic growth… Read more »
08/28/2019
Vandeventer Black LLP is pleased to announce that two of its Business and Commercial Real Estate (CRE) legal team have been included in the 2020 Edition of The Best Lawyers in America. Since it was first published in 1983, Best Lawyers has become universally regarded as the definitive guide to legal excellence. Best Lawyers has published their… Read more »
08/15/2019
Vandeventer Black LLP is pleased to announce the return of Ray W. King to the firm’s Norfolk office as an Of Counsel attorney. King will continue to concentrate his practice on commercial real estate, real estate litigation, and commercial foreclosures. His commercial real estate practice encompasses all aspects of commercial real estate transactions including representing… Read more »
05/17/2019
A guaranty is an agreement under which an individual (or entity) agrees to satisfy the underlying obligations of a primary obligor if such obligor defaults on the underlying obligation. With respect to a lease guaranty, the guarantor is often the principal or owner playing a key role in the tenant entity or a parent/affiliate of… Read more »
01/18/2019
In PNC Bank N.A. v. Dominion Energy Mgm’t Inc., 2018 U.S. Dist. LEXIS 62577 (E.D. Va. April 12, 2018), the Eastern District of Virginia held that an individual has the opportunity and capacity to read loan documents cannot avoid liability by claiming fraudulent inducement based on oral statements allegedly made by bank representatives different from… Read more »
01/11/2019
Most sophisticated commercial real estate (“CRE”) transactions, including leases, acquisitions, dispositions, joint ventures, and loans, usually start with a letter of intent (“LOI”). Depending on the transaction and the parties involved, lawyers may or may not be involved in preparing the LOI. The LOI is designed to summarize key business terms and is generally non-binding… Read more »
08/10/2018
*Junior Ndlovu is a summer extern with Vandeventer Black. He is a second-year law student at the Washington & Lee School of Law. “‘Usury’ is generally defined as a premium or compensation paid or stipulated to be paid for the use of money borrowed at a greater rate of interest than is allowed by law.”i… Read more »
06/24/2018
In South Dakota v. Wayfair, Inc., No. 17-494, 2018 WL 3058015 (June 21, 2018), the United States Supreme Court upheld a law allowing the State of South Dakota to collect sales and use tax from out-of-state sellers, even if those sellers do not maintain a physical presence in South Dakota. In its decision, the Supreme Court… Read more »
