Legal updates on real estate syndications, fund formation, and tokenized offerings under U.S. securities law.
Sponsors often spend more time designing the pitch deck than drafting the PPM. That allocation reflects the commercial reality that the pitch deck is ...
Read ArticleA real estate sponsor builds a new offering for a value-add multifamily acquisition. The marketing director suggests sending an announcement to the em...
Read ArticleWhat does a real estate syndicator say when a podcast host asks, mid-episode, how much they are currently raising and what return investors can expect...
Read ArticleA publicly advertised webinar describing a specific real estate offering’s property, projected returns, and investment terms is not a 506(b) offering....
Read ArticleIn January 2024, the SEC’s Division of Examinations identified marketing and advertising practices, including social media communications, as a priori...
Read ArticleA real estate sponsor closes a successful multifamily acquisition. Distributions are running ahead of projections. Three investors send unsolicited em...
Read ArticleA real estate sponsor builds a polished website to support an upcoming Rule 506(b) capital raise. The site includes a deals page describing the curren...
Read ArticleA real estate sponsor closes a multifamily fund at $12 million after accepting subscriptions from eighteen investors over a five-month period. Three m...
Read ArticleMost real estate sponsors think of their CRM as a sales tool and their investor communications as a relationship management function. Neither characte...
Read ArticleA sponsor is on a call with a prospective investor who has reviewed the PPM and is close to committing. The investor asks how confident the sponsor is...
Read ArticleIn late 2024, the SEC’s Division of Enforcement concluded an investigation into a real estate sponsor who had raised capital under Rule 506(b) o...
Read ArticleA rolling closing structure is often described as an investor-friendly feature of a private offering, and in one sense that is accurate. Giving invest...
Read ArticleThe wire hits the escrow account on a Tuesday afternoon. The purchase and sale agreement has a hard closing deadline on Thursday. The sponsor counters...
Read ArticleHere is a question most real estate sponsors cannot answer precisely: if the SEC sent an examination request tomorrow asking how you verified each inv...
Read ArticleMost real estate sponsors know they cannot admit unaccredited investors into a Rule 506(c) offering. Fewer understand that admitting an accredited inv...
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