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 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.
Outline
- Programmatic JV structures
- Deal sharing and exclusivity
- The pooling of economics, distribution of returns, payment of promote and clawback provisions
- Governance issues
- Financing guaranties and related issues
- Default remedies and removal rights
- 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
Daniel B. Guggenheim
Member
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
Mr. Guggenheim is an accomplished commercial real estate attorney who focuses his practice on traditional real estate matters, such as acquisitions, dispositions, and financings. His practice also encompasses complex investment structuring involving joint ventures, preferred equity, participations, syndications, co-investments, parallel vehicles, private REITs, and discretionary funds. In addition to his practice, Mr. Guggenheim serves as a lecturer in law at USC’s Gould School of Law, where he teaches the real estate joint ventures course and regularly guest lectures for the real estate transactions and finance course. He also frequently speaks about commercial real estate topics in webinars and at conferences and contributes articles to real estate and legal publications.
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Pej Razavilar
Partner
McDermott Will & Emery
Mr. Razavilar focuses his practice on corporate real estate, including complex joint ventures, real estate platforms... | Read More
Mr. Razavilar focuses his practice on corporate real estate, including complex joint ventures, real estate platforms and real estate finance. He regularly represents both the “money” and “sponsor” side of real estate transactions and has significant experience at all levels of the real estate private equity capital stack. Mr. Razavilar also advises clients in connection with the formation, structuring and recapitalization of real estate operating companies/platforms (including private REITs), programmatic joint venture arrangements, and real estate investment funds and other investment vehicles, including sponsor capital and GP-capital funds. In addition, he has significant experience in preferred equity transactions, construction financing, mortgage- and mezzanine-financing arrangements, ground leases, the acquisition and disposition of real property (including entity level sales), and the formation and structuring of “qualified opportunity zone funds” and “qualified opportunity zone businesses”.
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Michael D. Soejoto
Member
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
Mr. Soejoto’s practice focuses on commercial real estate joint ventures, funds and other partnerships and strategic relationships. He has extensive experience handling the federal income tax aspects of real estate transactions and real estate–related investments. Mr. Soejoto represents private equity and hedge funds, real estate investment trusts (REITs), private and institutional investors, and owners and developers of commercial real estate properties. He also advises clients on California real property and documentary transfer tax issues.
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