Pricing
Three real estate fund types. Fixed pricing. LLC or LP agreement, Delaware formation, registered agent, subscription agreement and term sheet — all in. Add a Regulation D-compliant PPM for a flat additional fee whenever a private placement memorandum is required.
Each package below is a complete documentation, formation, and first-year registered-agent engagement for a real estate fund. PPM drafting is available as a flat-fee add-on to any package when a private placement memorandum is required by your offering structure or investor base. Default terms reflect prevailing market practice for emerging-manager real estate sponsors.
Fund agreement— Limited liability company operating agreement drafted on our default terms (see fund-by-fund detail below)
Master series structure where applicable— For the Master/Series product, one master LLC agreement plus one initial registered series under 6 Del. C. § 18-218
Delaware formation— Certificate of Formation and initial Certificate of Registered Series filed with the Delaware Secretary of State, including state filing fees
Registered agent — first year— Delaware registered agent service paid for the first twelve (12) months
Subscription agreement— Drafted for Rule 506(b) or Rule 506(c), with accredited investor representations and (for 506(c)) verification mechanics
Term sheet— Investor-facing summary of the fund's key economic and governance terms (preferred return, fee schedule, waterfall, minimum commitment, etc.)
Engagement and intake call— Initial scoping call to confirm fund type, target Property or asset class, and any default-term variations (preferred return rate, waterfall structure, fee elections)
A Regulation D-compliant Private Placement Memorandum is available as a flat-fee add-on to any package for $5,000. We recommend a PPM whenever (a) you are using general solicitation under Rule 506(c), which is common for real estate syndications; (b) you are raising from investors outside a friends-and-family group; or (c) your investor base, debt structure, or property risk profile warrants a full disclosure document for securities-law defense purposes. The PPM is built from our PPM template and customized to your business, the specific Property or investment strategy, capital stack, and risk profile based on intake information you provide; it includes Property-level risk factors, use-of-proceeds, securities description, conflicts disclosures, and subscription procedures. Learn more about our PPM service →
To keep pricing predictable, the following are scoped separately:
Custom variations to the default fund terms (each package is priced for the documented defaults; bespoke economics, alternative waterfall structures, custom fee schedules, ERISA accommodations, parallel vehicles for non-U.S. investors, or REIT subsidiary structuring are quoted on a fixed-fee or hourly basis)
Property acquisition documentation (purchase and sale agreement, deed, title work) — handled by your real estate transactional counsel
Loan documentation, lender negotiations, and personal recourse guaranty review — separately scoped
Form D filing with the SEC and state blue sky notice filings (typically handled by your fund administrator as part of their administration engagement; we can include for an additional fee)
Real estate broker licensing analysis and any required state filings
Investment adviser registration analysis or filings (Section 203(m) / state ERA analysis)
Side letters and MFN administration
Audit, tax preparation, and fund administration (handled by third-party providers under separate engagement)
Ongoing investor relations counsel, capital call documentation, and amendments after Initial Closing
Ready to launch?
Tell us which package fits and we'll schedule a free intake call to confirm scope.
A summary of terms for each package
Real Estate SPV (Single-Asset)
Best for: a single property acquisition with one closing — the typical emerging-manager syndication
$
3,000
A standalone single-property vehicle — typically a Delaware LLC — formed to acquire, finance, operate, lease, manage, refinance and dispose of one underlying real property.
Entity & term: Delaware LLC; two-class structure (Class A investors / Class B Sponsor promote); continues until disposition
Preferred return (optional): 8% per annum cumulative, compounded annually (rate and compounding can be varied in Schedule A to the LLC agreement)
Waterfall: Accrued Preferred Return (optional); return of Capital Contributions; Manager catch-up (if preferred return); Carry Percentage to Class B (Manager) and remainder to Class A (investors)
Manager Fees: Comprehensive fee schedule typical of real estate sponsors electable in Schedule A.
Minimum commitment: variable in Schedule A; Sponsor may waive
Offering: Rule 506(c) typical (general solicitation) for real estate syndications; Rule 506(b) optional
Closing structure: Initial Closing concurrent with Property acquisition; single capital call at subscription; optional 90-day post-close Subsequent Closing window for under-subscribed deals
Governance: Sponsor sole and absolute discretion — no investment committee, no key person, no removal mechanics by default; express fiduciary duty waiver
Reporting: Unaudited annual statement and Property-level performance summary within 120 days (audited optional); quarterly Property-level financial and operational reporting within 45 days; K-1 within 90 days
Real Estate Syndication
Best for: real estate syndicators running a program of single-property deals from one reusable master platform, each series corresponding to a separate property
$
4,000
The firm's real estate syndication structure: a Delaware master limited liability company designed to use the registered series framework under 6 Del. C. § 18-218, with one initial Registered Series supplement included. The master is the platform; each Property is syndicated as a separate Registered Series of the master by filing a Certificate of Registered Series with the Delaware Secretary of State. Economies of scale on legal, administration, and Delaware fees for sponsors running repeat single-property deals.
Master entity: Delaware master series LLC under 6 Del. C. § 18-218; single Manager LLC for all Series; consistent governance across the platform
Each Series: One Property, segregated assets and liabilities, distinct Class A investor members and Class B Sponsor promote per Series Class Schedule
Preferred return (per Series): 8% per annum cumulative, compounded annually (rate and compounding can be varied in Schedule A to the LLC agreement)
Waterfall (per Series): Accrued Preferred Return (optional); return of Capital Contributions; Manager catch-up (if preferred return); Carry Percentage to Class B (Manager) and remainder to Class A (investors)
Fees (per Series): Comprehensive fee schedule typical of real estate sponsors electable in Schedule A.
Series formation: Each new Series bears minimal formation costs
Offering: Rule 506(b) or Rule 506(c) per Series election
Administrator: Single third-party administration engagement covers all Series; administrator engaged separately by Sponsor
Governance: Manager has sole authority over each Series; Series amendments require Manager + Series Majority Vote
Adviser registration: Section 203(m) private fund adviser exemption typical; ICA 3(c)(5)(C) or 3(c)(1) per Series
Multi-Asset Real Estate Fund
Best for: institutional-style closed-end RE funds with a diversified portfolio of properties
$
4,000
A closed-end real estate fund — Delaware LLC by default — designed to acquire and manage a portfolio of properties under one capital commitment. Ten-year term with five-year investment period. Choice of two waterfall structures based on investor expectations: American deal-by-deal or European fund-wide with GP catch-up and clawback.
Entity: Manager-managed Delaware LLC (single fund, no series)
Term: Ten (10) years from Final Closing with two (2) one-year extensions at Manager discretion
Investment Period: Three (3) to five (5) years from Final Closing; new platform acquisitions only during Investment Period; recycling permitted up to 120% of Capital Commitments
Management fee: 1% per annum during Investment Period of aggregate Capital Commitments; thereafter 1% of Invested Capital (cost basis); payable monthly in arrears (alternative bases: % of NAV, % of equity raised)
Other fees: 1% acquisition fee per Property; 1% disposition fee per Property; optional development (3%–5%), refinancing (1%), and loan guaranty fees
Preferred return: 6%–8% cumulative non-compounding (variable in Schedule A to the LLC agreement)
Waterfall (default): American deal-by-deal — ROC → preferred return → 80/20 split (no catch-up, no clawback)
Waterfall (alternative): European fund-wide with 100% GP catch-up and GP clawback at termination; elected in Schedule A
Advisory Committee: 2 to 5 representative members; advisory only; consents required for conflicts, related-party transactions, valuation methodology
Key principal provision: Two (2) Key Principals; suspension of Investment Period if not satisfied; 180-day cure
Minimum commitment: $100,000 (variable in Schedule A; Manager may waive)
Offering: Rule 506(b) by default; Rule 506(c) optional; multiple closings over 12-month period with 8% interest catch-up for subsequent-close members
Our Process
01
Free Intake Call
A 30-minute scoping call: which package fits, target Property or asset class, debt structure, any non-default terms you want, target investor base.
02
Engagement & Retainer
Flat-fee engagement letter signed and retainer paid. Intake form sent for entity, Property, fee schedule, waterfall election, and offering details.
03
Document Drafting
Fund agreement, subscription agreement, and term sheet drafted; PPM drafted in parallel if elected. Coordination with your transactional counsel on Property acquisition timing. Typical turnaround: 1 to 3 weeks.
04
Delaware Filing
Certificate filed with the Delaware Secretary of State; registered agent appointed; EIN coordinated with your tax preparer; property-entity subsidiaries formed if applicable.
05
Subscriptions Open
Final document set released to investors; subscription tracking guidance provided; we coordinate handoff to your fund administrator who handles Form D and state blue sky filings; Initial Closing concurrent with Property acquisition.
