Tokenizing a Gold Bullion Vault
Gold has never been a security. Nothing in the Securities Act reaches a bar of metal sitting in a vault, and no amount of…
Read moreInsights on Real Estate Capital
Legal updates on real estate syndications, fund formation, and tokenized offerings under U.S. securities law.
Pitch Deck Risk for Real Estate Sponsors: When Design and Messaging Create Exposure
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 moreEmail Campaigns for Private Offerings: Compliance Issues in Practice
A real estate sponsor builds a new offering for a value-add multifamily acquisition. The marketing director suggests sending an announcement to the email list…
Read morePodcast Appearances and Capital Raising: What Sponsors Should Watch For
What does a real estate syndicator say when a podcast host asks, mid-episode, how much they are currently raising and what return investors can…
Read moreUsing Webinars to Market Real Estate Offerings Without Crossing the Line
A publicly advertised webinar describing a specific real estate offering’s property, projected returns, and investment terms is not a 506(b) offering. It is not…
Read moreSocial Media Policies for Syndicators and Fund Managers
In January 2024, the SEC’s Division of Examinations identified marketing and advertising practices, including social media communications, as a priority examination area for investment…
Read moreTestimonials and Endorsements in Real Estate Capital Raising: Where the Risk Starts
A real estate sponsor closes a successful multifamily acquisition. Distributions are running ahead of projections. Three investors send unsolicited emails praising the sponsor’s communication,…
Read moreWebsite Compliance for Real Estate Sponsors Raising Private Capital
A real estate sponsor builds a polished website to support an upcoming Rule 506(b) capital raise. The site includes a deals page describing the…
Read moreReopening a Closed Offering: Legal Issues Sponsors Should Consider
A real estate sponsor closes a multifamily fund at million after accepting subscriptions from eighteen investors over a five-month period. Three months after…
Read moreCRM and Investor Communications: Compliance Issues Real Estate Sponsors Overlook
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 moreHandling Investor Follow-Up Questions Without Creating Liability
A sponsor is on a call with a prospective investor who has reviewed the PPM and is close to committing. The investor asks how…
Read moreSoft Circling Investors Before Launch: What Sponsors Can and Cannot Do
In 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…
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