When is a 506b worth the costs?

[Suzanne Player]

Can anyone who's done at least one 506b syndication share the dollar amount raised along with dollar amount of attorney/marketing/ other fees (ex, incorporation fees) raised?  

I've Googled this & waded through many articles on the topic but almost no one gives any specific number examples.  The most I can get is a range of attorney fees (for the syndication itself, probably doesn't include incorporating the entities), but the range is wide, and doesn't include other costs.  I'm more interested in the lower dollar value offering examples, but any info is helpful.  I realize the state where the property is located can have an impact.

How much capital do you need to obtain in order to make raising money in a 506b syndication offering worthwhile?  

[Amy Wan]

I'm a syndication attorney. It depends on a few things: 1) is your deal relatively standard/vanilla (as opposed to something more exotic that will require negotiation?). If so, costs can start at $8500. 2) Depends also on who you use. Big firms will obviously charge more (25K+). When I worked at a more traditional firm, we also never handled syndication clients with sub-$1M raises. Nowaday (because we use some internal tech to save on time), the absolute lowest I recommend is $250K-300K. Lower than that, I recommend folks use a fund or semi-specified fund model to spread the transactional cost across more than a few deals.