Structure of real estate syndicate

[Chris Anderson]

Hey everyone - Looking for advice on how you have setup and structured your syndicates. Specifically, I am looking for the best formation to appeal to lenders.  We obviously cant have all our limited partners underwritten, which depending on the bank or lender can be a challenge. How have you worked around this? What is the best approach from a lenders perspective?

[Brian Adams]

@Chris Anderson a lender usually only underwrites an LP investor if they own a certain percentage of the LP units. I have closed deals where the lender asked if any LP owned more than 20% of the LP units. My last raise was $40 million and I didn't have one investor exceed the 20% threshold.