Crowdfunding Real Estate: Reg A+ Offerings and Intrastate Exemptions

Leveraging New Capital Raising Opportunities for Real Estate Fund Sponsors and Developers

Recording of a 90-minute premium CLE webinar with Q&A

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Conducted on Thursday, April 7, 2016

Recorded event now available

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Course Materials

This CLE course will discuss utilizing Reg A+ and intrastate law exemptions to raise capital for real estate development. The program will discuss current trends and developments, the mechanics of making a public offering under Reg A+, and potential pitfalls. The program will also discuss the evolution of state law securities exemptions and the benefits of utilizing state law exemptions.


Under newly released Regulation A+, offerors are now able to raise up to $50 million in a 12-month period, up from the previously allotted $5 million. The real estate market has taken advantage of this new crowdfunding opportunity for project development funding and acquisitions.

Many developers find it advantageous to use state intrastate exemptions for crowdfunding offerings. While most states have a $1 million cap, the cost and speed of qualifying for these exemptions is much lower than under federal law. Some states are considering increasing their caps (as Georgia has recently). Other states with favorable intrastate exemption include Illinois, Indiana, Florida, Texas, Michigan and Wisconsin.

The rapidly evolving world of Internet-based real estate crowdfunding has given rise to the formation of the e-REIT. For example, crowdfunding pioneer Fundrise filed a $50 million Reg A+ offering to launch an online e-REIT fund in late in 2015.

Listen as our authoritative panel of real estate finance attorneys takes a look at real estate crowdfunding through Reg A+ offerings and intrastate law exemptions. The panel will discuss current trends in real estate crowdfunding and the mechanics of making a public offering under Reg A+. The panel will also discuss the evolution of state law securities exemptions and the benefits of utilizing state law exemptions.



  1. Crowdfunding trends in the real estate market
    1. Rise of e-REIT funds
  2. Regulation A+
    1. Tier I offerings of up to $20 million
    2. Tier III offerings of up to $50 million
    3. Disclosure requirements
    4. Ineligible issuers
    5. Eligible securities
    6. Investment limitations
  3. State law intrastate crowdfunding
    1. Overview of selected state law intrastate exemptions
    2. Benefits of utilizing intrastate exemptions
    3. Pitfalls of utilizing intrastate exemptions


The panel will review these and other key issues:

  • What opportunities do Regulation A+ crowdfunding rules provide real estate developers seeking to raise equity, mezzanine financing and debt for commercial projects?
  • What real estate offerings are not permitted under Regulation A+?
  • What are the pros and cons for developers to crowdfund under state law intrastate exemptions?


Kenneth A. Kecskes
Kenneth A. Kecskes

Fox Rothschild

Mr. Kecskes’ practice focuses on real estate, land development and equity investment transactions. He counsels...  |  Read More

Anthony J. Zeoli
Anthony J. Zeoli

Freeborn & Peters

Mr. Zeoli’s commercial finance practice includes the representation of borrowers and lenders in: secured and...  |  Read More

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