Fundamentals of Real Estate Capital Formation From joint ventures to funds:
The legal building blocks of real estate syndication.
Section 3(c)(5)(C) occupies a specific corner of the Investment Company Act of 1940, but for real estate fund sponsors, mortgage…
Jason Powell
Most sponsors who decide to launch a real estate fund have spent years sourcing deals, building investor relationships, and executing…
Jason Powell
The subscription agreement is the most legally consequential document an investor signs in a private securities offering — and it…
Jason Powell
A capital commitment is not a letter of intent. It is a binding contractual obligation, and the entire architecture of…
Jason Powell
Ask two real estate sponsors to describe their waterfall structures and you will often get the same high-level answer: eight…
Jason Powell
Ask any experienced real estate securities attorney what the most important document in a syndication is, and the answer is…
Jason Powell
Sponsors do not just choose between raising capital and not raising capital. They also choose the structure through which that…
Jason Powell
Most real estate sponsors focus on the deal, the property, and the capital stack. SEC enforcement, by contrast, usually starts…
Jason Powell
State Blue Sky laws are one of the most frequently underestimated compliance obligations in real estate syndications. Most sponsors understand…
Jason Powell
This is one of the most consequential questions a real estate sponsor can face — and one of the most…
Jason Powell
Choosing between Rule 506(b) and Rule 506(c) is not a legal formality. It is a strategic decision that shapes who…
Jason Powell
Regulation A gives real estate sponsors a way to raise capital from the public without going through a full registered…