Minimum Qualifications
$ Volume of Track Record:
Based on the Cost Basis for Current Assets and Disposition Value for Historical Assets
Principal Experience:
Combined Years of Principal Experience. One Principal must have a minimum of 5 Years of True Principal Experience. In excess of the minimum five years of experience, 50% of Executive Experience can be credited towards the minimum.
Qualification
Track 1
Track 2
$50 MM
$100 MM
10 Years
7.5 Years
Track 1
Track 2
Additional Requirements
Primary Engagement
Sponsor must be primarily engaged as a Real Estate Sponsor.
Property Types Excluded
Raw land, & land owned in a fund, Individual for-sale Single Family Residential, Manufactured Housing not owned in a Fund or part of a portfolio, Properties where Cannabis/Marijuana is the primary use, Multifamily 4 units or below, Gas Stations.
Co-Sponsorship Offerings
Majority owner of the GP must be an approved Sponsors. If a Co-Sponsor Partnership is 50/50 both Sponsors must be approved individually.
Active Principal Experience
Gaps in experience are not counted towards the total years of experience.
Combined Years of Experience
One Principal must have a minimum of 5 Years of True Principal Experience.
Executive Experience
In excess of the minimum five years of Principal experience, 50% of Executive Experience can be credited towards the minimum.
Definitions
Principal
A General Partner or Managing Member of the Sponsorship entity that has cash equity at risk in the ownership of the project and has an active role in the execution of the business plan. In many cases, the Principal will sign on the debt and take on recourse.
Principal Experience
Number of years an individual has spent executing investments in a Principal capacity.
Cost Basis
The actual costs to acquire, improve and/or stabilize a property. Costs typically included in Cost Basis include acquisition price, acquisition costs, capital expenditures, development hard and soft costs, interest carrying costs, tenant improvements and leasing commissions.
Volume of Track Record
Based on the Cost Basis for Current Assets and Disposition Value for Historical Assets