Legal updates on real estate syndications, fund formation, and tokenized offerings under U.S. securities law.
Most real estate sponsors think of their CRM as a sales tool and their investor communications as a relationship management function. Neither characterization is…
Read moreThe hold period question is the most specific version of the broader tokenization-versus-closed-end-fund debate. Even if the fund structure survives tokenization, the argument runs,…
Read moreA sponsor is on a call with a prospective investor who has reviewed the PPM and is close to committing. The investor asks how…
Read moreIn late 2024, the SEC’s Division of Enforcement concluded an investigation into a real estate sponsor who had raised capital under Rule 506(b) of…
Read moreTokenization makes real estate investing more accessible. It does not make the investor-protection obligations that govern who may invest, what they must be told,…
Read moreA tokenized real estate closing is still a real estate closing. Money must arrive, documents must be executed, approvals must be granted, title must…
Read moreA rolling closing structure is often described as an investor-friendly feature of a private offering, and in one sense that is accurate. Giving investors…
Read moreThe wire hits the escrow account on a Tuesday afternoon. The purchase and sale agreement has a hard closing deadline on Thursday. The sponsor…
Read moreSide letters survive tokenization. A tokenized real estate fund may use blockchain for issuance, transfer controls, and cap table visibility, but the investor-specific rights…
Read moreHere is a question most real estate sponsors cannot answer precisely: if the SEC sent an examination request tomorrow asking how you verified each…
Read moreRetirement investors can participate in tokenized real estate deals, but the path is narrower than most platforms let on. It requires a self-directed IRA…
Read moreA tokenized U.S. real estate offering that reaches foreign investors does not become an international offering because of the technology. It becomes one because…
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