Fundamentals of Real Estate Capital Formation:
The legal building blocks of real estate joint ventures, syndications and funds.
Two sponsors form a real estate GP together. The conversation about who gets what percentage of the carried interest lasts…
Jason Powell
A real estate sponsor who runs repeat deal-by-deal syndications faces a familiar administrative friction: every new offering requires a new…
Jason Powell
There is a version of this story that plays out with remarkable regularity. A capable real estate sponsor closes their…
Jason Powell
When two sponsors form a GP entity at the start of a real estate venture, they often share an implicit…
Jason Powell
Real estate sponsors spend real energy designing the deal-level stack: the acquisition entity, the SPV holding title, the co-investment sleeve,…
Jason Powell
Real estate sponsors typically spend serious time and money on deal-level entity structure: the fund vehicle, the asset-holding SPVs, the…
Jason Powell
A real estate deal that looks compelling on a slide deck is not the same thing as a deal that…
Jason Powell
There is a predictable sequence to most real estate fund tax disputes. The fund closes on a good deal, the…
Jason Powell
The word ‘crowdfunding’ gets applied to a wide range of real estate capital raises, and that imprecision creates genuine confusion…
Jason Powell
Most real estate sponsors think about capital in one direction only: into deals. Find the asset, underwrite the opportunity, structure…
Jason Powell
Every real estate capital raise contains at least one moment when the sponsor is tempted to let the proforma do…
Jason Powell
Private funds are built around a straightforward proposition: investors commit capital for a defined period, the manager deploys it, and…