Legal updates on real estate syndications, fund formation, and tokenized offerings under U.S. securities law.
Tokenization changes the format of ownership and transfer. It does not change the need for a legal entity that gives investors enforceable rights. The…
Read moreA real estate fund exits its first three investments at strong returns. Carry is distributed to the GP entity, which in turn distributes it…
Read moreFractionalized real estate makes ownership more accessible. It does not make governance easier. Dividing an economic interest across hundreds of token holders is straightforward.…
Read moreA real estate fund closes its first institutional raise. Two founding principals split the promoted interest equally. Three years into the investment period, one…
Read moreThe transfer approval clause is the provision in a tokenized offering that connects wallet movement, securities law compliance, and the official ownership record. A…
Read moreInvestor communications in a tokenized real estate offering are not a marketing function. They are a compliance function. Every material communication to token holders…
Read moreA real estate fund closes. The GP entity has three principals: one who spent the prior two years building the investor relationships that filled…
Read moreTwo partners sit across a conference table, each convinced they deserve a larger share of the promoted interest. One believes the opportunity never exists…
Read moreIn a tokenized real estate offering, the investor protections that matter are not the ones on the platform dashboard. They are the ones written…
Read moreA real estate sponsor closing a larger deal may find that the investor relationships required to fill the equity stack exceed what the GP’s…
Read moreOn-chain governance and off-chain legal documents are two different systems that must agree with each other to work. When they disagree, the law resolves…
Read moreOne of the first decisions a real estate fund sponsor makes is also one of the most consequential: what legal entity will the fund…
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