Harrison Cohen

BREAKING NEWS: The Wisconsin Supreme Court sided with the RPA (and other groups) and rejected an amended petition from tenant advocates to remove a 10-year CCAP retention requirement for evictions where a writ of restitution was issued. The statute holds: if no money judgment is docketed, then the case goes off CCAP after two years; if a writ was issued then the record is searchable for 10 years. Our goal has always been to encourage nonpaying tenants to move voluntarily, so landlords can dismiss a case without the trauma (for both parties) of having the sheriff do a forced moveout. Learn more on our blog: https://lnkd.in/gybFE9Dr #landlordtenantlaw #wisconsinrealestate

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Are you a Chicago housing provider? Any of your leases expire September 30th? Raising rents or non-renewing any of those tenants? Any of them been with you for three or more years? Heads Up! The City of Chicago's Fair Notice Ordinance requires 120 day notice of those changes. (No later than May 31 for a lease ending September 30th) Tenants who have been with you 6 months to 3 years get at least 60 days notice. At least 30 days for tenants of six months or less. hat tip: the Neighborhood Building Owners Alliance.

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2 big mistakes real estate investors make after establishing a trust 1. They don't tell their successor trustee that they're a trustee 2. They don't let the trustee know where the trust is located. The result? Once the original trust holder passes away, the successor trustee has no idea where the trust is or who the attorney who drafted the trust was. This causes so many problems. So please: Inform your trustees of their position Inform your trustee of all administrative locations This will result in fewer delays when transferring your assets to your loved ones.

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HOLTZMAN HIT WITH $69M EAST LOOP MULTIFAMILY FORECLOSURE - PRIME FINANCE SUED TO TAKE OVER 190-UNIT APARTMENT BUILDING. -Jonathan Holtzman is facing a second eight-figure foreclosure lawsuit over Chicago apartment deals gone wrong. -The head of Michigan-based City Club Apartments and other investors involved in the ownership are at risk of losing a 190-unit property in the Loop to their lender, which filed a $69 million foreclosure lawsuit against the landlords this week, Cook County court records show. -San Francisco-based lender Prime Finance alleges the ownership, which also includes Chicago-area developer Wayne Moretti of Lexington Homes, missed its June loan maturity date, after taking out a $66 million loan in 2022 using the property, at 63 East Lake Street, as collateral. -The complaint represents one of the largest cases of multifamily distress in Chicago, joining the $80 million foreclosure of a South Michigan Avenue property that was resolved by its lender, Ares, seizing the property earlier this year. -It’s also at least the second Chicago multifamily foreclosure suit a Holtzman-led venture has faced in the last two years. In March, Old National Bank sued Holtzman and an LLC he backed that owns the 21-story, 147-unit multifamily property at 860 North DeWitt Place in the Gold Coast, alleging the ownership defaulted on a $25 million debt, with $22 million still owed. That case is still playing out in court, records show, with a receiver in charge of operating the building until its resolution. -Whether Prime’s East Loop takeaway attempt from Holtzman marks a new phase in the commercial real estate distress facing Chicago investors remains to be seen, as lenders have flagged several large apartment deals for concerning performances in recent months. That includes the Holtzman-owned Fisher Building City Apartments at 343 South Dearborn Street, where there’s a $28 million floating-rate loan maturing in 2027. Debt service costs on that deal are outstripping revenues, loan data shows, meaning the landlord is having to kick in cash out of pocket to meet debt service obligations. -Meanwhile, the city’s office, landlords, and their lenders are still working through a much larger historic wave of foreclosures, short sales and turnarounds in that sector. [Pictured: a photo illustration of borrower Jonathan Holtzman and Prime Finance co-founder Jon Brayshaw along with the MDA Apartments at 63 East Lake Street] https://lnkd.in/gM44vPHD

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A thorough title review is crucial when you buy and sell property. Let the legal team at Michael H. Wasserman, P.C. investigate your title, so you can close with confidence in Chicago. Talk to John or Mike get started.https://buff.ly/3KAMRKr #thewassermanway #titleclearance #realestateattorney #chicagorealestate

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