Appraisals, Fairness, and Valuation Disclosure in Digital Real Estate Securities
A property appraisal and the fair value of the security an investor holds are related but not equivalent. The appraisal estimates what the building is...
Read ArticleInsights on Real Estate Capital
Legal updates on real estate syndications, fund formation, and tokenized offerings under U.S. securities law.
Mark-to-Market Problems in Tokenized Real Estate Investments
A tokenized real estate offering that publishes a live price on its investor dashboard is not necessarily offering mark-to-market pricing. It may be d...
Read ArticleCan Tokenization Support Staged Closings and Tranche-Based Capital Raises?
Yes, tokenization supports staged closings and tranche-based capital raises. What it does not do is replace the legal framework that governs them. Eve...
Read ArticleWaterfall Complexity in Multi-Class Tokenized Real Estate Offerings
The distribution waterfall is where multi-class tokenized real estate offerings fail most often, and most expensively. Not because sponsors draft the ...
Read ArticleFee Design in Tokenized Real Estate Vehicles: Acquisition, Asset Management, and Exit Fees
Tokenization does not simplify fee disclosure in a real estate offering. It complicates it, because the same offering now contains traditional real es...
Read ArticleThe Label Is Not the Rights: Senior Debt, Mezzanine Debt, and Preferred Equity in Tokenized Real Estate Capital Stacks
A token labeled “mezzanine” is not mezzanine debt. A token labeled “preferred” does not automatically provide preferred equity protections. And a toke...
Read ArticleNAV Reporting Challenges in Fractionalized Real Estate Structures
Net asset value sounds like a single number. In a fractionalized real estate structure, it is the output of a chain: property value flows through enti...
Read ArticleValuing Tokenized Real Estate Interests When No True Market Exists
A tokenized real estate interest has two values that frequently diverge: the value of the underlying property, derivable from appraisal, income analys...
Read ArticleManaging Waitlists, Oversubscriptions, and Allocation Decisions in Tokenized Real Estate Raises
Oversubscription in a tokenized real estate raise is a good problem to have and a compliance problem hiding inside it. The digital infrastructure that...
Read ArticleCan Tokenization Eliminate the Hold Period in a Closed-End Real Estate Fund?
The hold period question is the most specific version of the broader tokenization-versus-closed-end-fund debate. Even if the fund structure survives t...
Read ArticleInvestor Suitability, Risk Tolerance, and Disclosure Design in Tokenized Real Estate Offerings
Tokenization makes real estate investing more accessible. It does not make the investor-protection obligations that govern who may invest, what they m...
Read ArticleCoordinating Escrow, Closing Mechanics, and Token Delivery in Tokenized Real Estate Offerings
A tokenized real estate closing is still a real estate closing. Money must arrive, documents must be executed, approvals must be granted, title must b...
Read ArticleSide Letters and Special Rights in Tokenized Real Estate Funds
Side letters survive tokenization. A tokenized real estate fund may use blockchain for issuance, transfer controls, and cap table visibility, but the ...
Read ArticleCan IRA and Retirement Investors Participate in Tokenized Real Estate Deals?
Retirement investors can participate in tokenized real estate deals, but the path is narrower than most platforms let on. It requires a self-directed ...
Read ArticleHandling Foreign Investors in U.S. Tokenized Real Estate Offerings
A tokenized U.S. real estate offering that reaches foreign investors does not become an international offering because of the technology. It becomes o...
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