Tax Allocation Issues in Real Estate Funds That Lead to Disputes
There is a predictable sequence to most real estate fund tax disputes. The fund closes on a good deal, the waterfall looks clean on…
Read moreInsights on Real Estate Capital
Legal updates on real estate syndications, fund formation, and tokenized offerings under U.S. securities law.
Crowdfunding vs. Traditional Syndication: Choosing the Right Capital-Raise Structure
The word ‘crowdfunding’ gets applied to a wide range of real estate capital raises, and that imprecision creates genuine confusion for sponsors who are…
Read moreThe Business Behind the Deals: Why the Sponsor Platform Needs Its Own Capital Strategy
Most real estate sponsors think about capital in one direction only: into deals. Find the asset, underwrite the opportunity, structure the raise, close the…
Read moreSecurities Disclosure Trends in Real Estate Offerings
Every real estate capital raise contains at least one moment when the sponsor is tempted to let the proforma do the talking. The numbers…
Read moreSecondary Transfers of Fund Interests: Liquidity vs. Control
Private funds are built around a straightforward proposition: investors commit capital for a defined period, the manager deploys it, and everyone waits for the…
Read moreThe Legal Infrastructure Required to Scale From M to 0M AUM
Most real estate fund managers who hit the wall at million or million in assets under management do not have a deal…
Read moreBuilding a Repeatable Capital Raising Platform — Legally
There is a meaningful difference between completing a real estate syndication and building a real estate syndication platform. The former is a transaction. The…
Read morePreparing Your Real Estate Fund for Institutional Investors
Most real estate fund managers discover the gap between ‘institutional quality’ and ‘institutional ready’ the hard way: in the middle of a due diligence…
Read moreWhen Should a Syndicator Transition to a Fund Model?
The idea of launching a real estate fund sounds appealing at a certain stage of every sponsor’s career. You have closed several deals. Your…
Read moreERISA Considerations for Real Estate Fund Managers
Pension capital is attractive. It is long-term, patient, and can be substantial. For a real estate fund manager trying to build an institutional investor…
Read moreAML and KYC in Real Estate Syndications: What Sponsors Actually Need to Know
Anti-money laundering compliance has a reputation problem in real estate. Most sponsors encounter it as a stack of checkbox language at the back of…
Read moreMarketing a Real Estate Offering Without Violating Securities Laws
Every real estate sponsor who has raised private capital has a marketing strategy. Many of them also have a securities law problem they do…
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