The Massachusetts Appeals Court Reaches A Practical Conclusion Concerning Lender’s Rights After Developer Defaults.

Attorney Rob Anctil writes in our Spring newsletter the following piece:  On May 15, 2019, the Massachusetts Appeals Court held in Trustees of the Beechwood Village Condominium Trust v. US Alliance Federal Credit Union (“Beechwood”) that where the holder of a mortgage partially releases its construction mortgage on individual condominium units, the release acts as a discharge of the unit and the common areas of the condominium. As such, the lender’s partial release of the developer mortgage prevented the lender from exercising its rights to develop the remaining unbuilt condominium units To read more, click here: