Fundamentals of Real Estate Capital Formation:
The legal building blocks of real estate joint ventures, syndications and funds.
Pension capital is attractive. It is long-term, patient, and can be substantial. For a real estate fund manager trying to…
Jason Powell
Anti-money laundering compliance has a reputation problem in real estate. Most sponsors encounter it as a stack of checkbox language…
Jason Powell
Every real estate sponsor who has raised private capital has a marketing strategy. Many of them also have a securities…
Jason Powell
There is a version of risk factor drafting that functions as disclosure. And there is a version that functions as…
Jason Powell
Most real estate sponsors who run into securities law trouble are not trying to cheat anyone. They are trying to…
Jason Powell
Co-investment is one of the more elegant tools in private real estate fund structuring — when it works. It lets…
Jason Powell
A side letter is one of those fund formation concepts that sounds minor and turns out to be substantial. It…
Jason Powell
Most sponsors spend the early weeks of fund formation thinking about the fund itself — the investment vehicle, the waterfall,…
Jason Powell
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…