Running Capital Calls in a Tokenized Real Estate Vehicle
Capital calls do not disappear because a real estate vehicle is tokenized. The underlying asset still has real-world cash needs. What changes is the…
Read moreInsights on Real Estate Capital
Legal updates on real estate syndications, fund formation, and tokenized offerings under U.S. securities law.
Subscription Document Packages for Real Estate Offerings: How the Pieces Fit Together
A real estate sponsor prepares to close the first tranche of a new offering. The PPM is polished, the property analysis is thorough, and…
Read moreCo-Ownership, TICs, and Digital Fractionalization: Where the Legal Lines Matter
Fractional ownership is older than blockchain. What tokenization changes is not the economic idea of dividing a real estate asset into smaller interests, but…
Read morePPM Drafting for Real Estate Syndications: What Sponsors Get Wrong and Why It Matters
A real estate sponsor shows an investor a well-produced pitch deck. The property is a value-add multifamily acquisition in a growing submarket. The projected…
Read moreMulti-Asset vs. Single-Asset Tokenization: Structuring Tradeoffs for Sponsors
In a single-asset tokenized offering, the investment thesis is the property. In a multi-asset tokenized offering, the investment thesis is the manager. That distinction…
Read moreDelegation of Authority to the Management Company: Building the Framework That Actually Works
A real estate fund closes its second institutional raise. The GP entity sits at the top of the governance structure. The management company employs…
Read moreCross-Entity Conflicts in Tokenized Real Estate Funds and SPV Structures
Tokenized real estate does not eliminate cross-entity conflicts. In most cases, it adds a layer to them. A multi-entity structure now has a fund,…
Read moreManager-Managed vs. Board-Managed GP Structures: How Governance Choices Shape Fund Operations and Investor Confidence
A real estate fund sponsor preparing for its first institutional raise sits across the table from a pension fund allocator. The sponsor has a…
Read moreTitle Ownership vs. Economic Ownership in Tokenized Real Estate Structures
In most tokenized real estate offerings, the investor does not own the building. The investor owns an interest in the entity that owns the…
Read moreHow to Separate the Sponsor, Issuer, and Platform Roles in a Tokenized Real Estate Offering
A tokenized real estate offering typically involves three distinct roles: the sponsor who controls the asset, the issuer that creates and stands behind the…
Read moreReallocation of Economics After a GP Member Withdrawal
A real estate fund is three years into its investment period. The founding team has three principals. One of them announces she is leaving…
Read morePriority Repayment of GP Capital Contributions in Real Estate Fund Structures
A limited partnership agreement runs to 120 pages. The distribution waterfall is three of them. Those three pages determine who gets paid first, who…
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