Legal updates on real estate syndications, fund formation, and tokenized offerings under U.S. securities law.
A real estate fund manager who has spent years sourcing, acquiring, and operating commercial properties might reasonably assume that investment adviser regulation does not…
Read moreA real estate sponsor negotiating the economics of a new fund faces two distinct pressures pulling in opposite directions. The first is operational: the…
Read moreA real estate investor once described reviewing a syndication offering document as similar to reading a restaurant menu written in a foreign language. The…
Read moreImagine a real estate fund that exits its first three investments at excellent returns. The GP receives carry distributions on each. Principals spend a…
Read moreA real estate fund can take a decade or more to run its full course. Capital is called over several years. Assets are acquired,…
Read moreTwo sponsors form a real estate GP together. The conversation about who gets what percentage of the carried interest lasts about fifteen minutes. Both…
Read moreA real estate sponsor who runs repeat deal-by-deal syndications faces a familiar administrative friction: every new offering requires a new entity. New articles, new…
Read moreThere is a version of this story that plays out with remarkable regularity. A capable real estate sponsor closes their first deal, then their…
Read moreWhen two sponsors form a GP entity at the start of a real estate venture, they often share an implicit understanding: both of us…
Read moreReal estate sponsors spend real energy designing the deal-level stack: the acquisition entity, the SPV holding title, the co-investment sleeve, the blocker for tax-sensitive…
Read moreReal estate sponsors typically spend serious time and money on deal-level entity structure: the fund vehicle, the asset-holding SPVs, the co-investment sleeves, the blocker…
Read moreA real estate deal that looks compelling on a slide deck is not the same thing as a deal that is compelling to commit…
Read moreGet counsel specific to your offering. Schedule a consultation with Jason Powell.
Or reach directly