Roller Coaster Continues – CTA Paused Again
On December 26, 2024, the U.S. Court of Appeals for the Fifth Circuit placed the Corporate Transparency Act (CTA) on pause again.
News
CTA Deadline January 13
The Treasury Department/Financial Crimes Enforcement Network (FinCEN) has extended the Corporate Transparency Act (CTA) compliance deadline to January 13, 2025 for most reporting companies. This follows the news from earlier this week that the CTA was revived and placed back in effect.
CTA Client Alert – New Development – CTA Back in Effect
On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit revived the immediate enforceability of the Corporate Transparency Act (CTA) by the Treasury Department/Financial Crimes Enforcement Network. The Fifth Circuit’s revival of the CTA means that the January 1, 2025 compliance deadline for reporting companies is back in effect.
CTA Client Alert – New Development and Uncertainty
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide order prohibiting the Treasury Department/Financial Crimes Enforcement Network (FinCEN) from enforcing the Corporate Transparency Act (CTA).
Recent Deals & Decisions
Represented an affiliate of Panattoni Development Company in connection with a forward funding deal, pursuant to which PDC sold land in Bremen, Georgia to an affiliate of Broadstone Net Lease (Nasdaq: BNL). BNL is investing approximately $122M into the project to have PDC manage the development of a build-to-suit industrial property for Southwire, LLC.
Represented Vess Pearson, Co-Founder and CEO of Aptive Environmental, a leading pest control company, in the sale of a majority stake to Citation Capital. Read more about the deal here.
Represented Abacus Capital Group on its acquisition of a multifamily apartment complex located in Ann Arbor, Michigan known as “Haven of Ann Arbor”. The acquisition purchase price was $118,000,000 and was funded by a Fannie Mae loan in the amount of $76,700,000.
Represented Oaktree Capital in its joint venture with Kennedy Wilson and Main Street Partners to acquire a multifamily property in Redmond, Washington for a purchase price of $135,000,000, with Oaktree providing 85% of the required equity to the joint venture.