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

Negotiating Key Deal Terms From Sponsor and Equity Investor Perspectives

A live 90-minute premium CLE webinar with interactive Q&A


Thursday, November 19, 2020

1:00pm-2:30pm EST, 10:00am-11:30am PST

Early Registration Discount Deadline, Friday, October 23, 2020

or call 1-800-926-7926

This CLE webinar 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.

Description

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.

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Outline

  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

Benefits

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?

Faculty

Guggenheim, Daniel
Danny Guggenheim

Partner
Pircher Nichols & Meeks

Mr. Guggenheim dedicates the bulk of his practice to the representation of private equity funds, real estate companies,...  |  Read More

Razavilar, Pejman
Pej Razavilar

Partner
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

Partner
Pircher Nichols & Meeks

Mr. Soejoto heads the firm’s tax department. His practice focuses on the federal income tax aspects of real...  |  Read More

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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

48 hours after event

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Download

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DVD

10 business days after event

$297 + $24.45 S&H