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Structuring Programmatic Real Estate Joint Ventures: Structures, Deal Sharing and Exclusivity, Pooling Variations

Negotiating Key Deal Terms From Sponsor and Equity Investor Perspectives

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

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Thursday, November 19, 2020

Recorded event now available

or call 1-800-926-7926

This CLE course will discuss programmatic real estate joint ventures (JVs) and how they differ from traditional, single investment JV relationships, alternative structures for programmatic JVs, and key JV agreement terms to consider and negotiate. The program will present these issues in an interactive format from the perspectives of counsel for the developer/operator and counsel for the capital investor.


Programmatic real estate JVs can provide economic and competitive advantages for both sponsors and equity investors. Developers and operators seek reliable sources of capital to deploy quickly, while equity investors look for sustainable partnerships with experienced and reputable sponsors. Programmatic or platform real estate JVs allow the parties to invest as part of a master program instead of deal-by-deal transactions and thus maximize efficiencies in time, capital deployment, management, and expenses.

Terms unique to programmatic JVs include investment parameters, deal sharing and exclusivity, discretion, and termination of the relationship. One of the critical issues that the parties must negotiate is the pooling of economics, namely how returns will be distributed and promote paid to the sponsor, on a deal-by-deal and/or portfolio basis.

Listen as our authoritative panel of real estate practitioners walks you through current market trends concerning programmatic real estate JVs. The panel will discuss alternate structures for programmatic JVs and key JV agreement terms in an interactive format from the perspective of sponsor counsel and capital investor counsel.



  1. Programmatic JV structures
  2. Deal sharing and exclusivity
  3. The pooling of economics, distribution of returns, payment of promote and clawback provisions
  4. Governance issues
  5. Financing guaranties and related issues
  6. Default remedies and removal rights
  7. Deadlocks, lockouts, and exit provisions


The panel will review these and other key issues:

  • What are the typical structures used in programmatic JVs for real estate investment?
  • How can the parties bridge the gap between disparate objectives with respect to deal sharing and exclusivity?
  • How do the issues shift with respect to single vs. pooled investment and the corresponding distribution and clawback of promotes?
  • How do competing expectations of operators and capital investors regarding governance issues, guaranties, and exit rights typically get resolved in various structures?


Guggenheim, Danny
Daniel B. Guggenheim

Mintz Levin Cohn Ferris Glovsky and Popeo

Mr. Guggenheim is an accomplished commercial real estate attorney who focuses his practice on traditional real...  |  Read More

Razavilar, Pejman
Pej Razavilar

McDermott Will & Emery

Mr. Razavilar focuses his practice on corporate real estate, including complex joint ventures, real estate platforms...  |  Read More

Soejoto, Michael
Michael D. Soejoto

Mintz Levin Cohn Ferris Glovsky and Popeo

Mr. Soejoto’s practice focuses on commercial real estate joint ventures, funds and other partnerships and...  |  Read More

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