Representing Developers, Investors and Entrepreneurs
Dilendorf Law Firm represents real estate investment manager, developers and investors with forming real estate joint ventures (“JV”).
We provide legal counsel in all relevant areas, including fund structure, securities laws, jurisdictional planning, fund strategy and other legal matters.
We are intimately familiar with core, distressed, value-add and opportunistic investment objectives; with all asset classes, such as office, retail, residential, warehouses, industrial and mobile-parks properties.
Flat-fee real estate fund formation services include:
Advising on a real estate joint venture structures tailored to specific tax and business goals
Advising on structuring real estate JV waterfall models;
Due diligence and representation in connection with investments in real estate properties
Preparing fund documentation (operating agreements, term sheets, subscription documents)
Providing ongoing regulatory, tax and compliance support
Timeline for launching a real estate fund:
The average timeline for structuring and launching a real estate joint venture is 2-4 weeks.
Represented client with launching a joint venture for a regenerative farmland. Advised client how to pivot from the JV model and scale the business model using a tokenized real estate fund.
Advised a client regarding the process of tokenizing a $40M commercial property in the Midwest, addressed applicable securities regulations and token transfer restrictions for US and non-US investors, selected a legal structure for tokenization (LP, SPV, Trustee), guided through the process of underwriting the property interest on a smart contract and issuing legally compliant ERC-20 tokens, and advised regarding the process for verifying the accreditation status of US and non-US investors, KYC/AML checks as well as onshore/offshore banking
Real estate fund formation focusing on core and value-add properties
Represented a client with launching a value-add real estate fund in New York
Represented a client in connection with the formation of a real estate JV focusing on hard-money loans
Choosing the Right Business Entity for a Real Estate Joint Venture
A real estate joint venture is typically organized as a general partnership, limited partnership or limited liability company.
Each type of entity has its own advantages and disadvantages. Which one is ideal for any given joint venture depends on the nature of the joint venture and the parties’ circumstances.
Our firm pays close attention to these details in recommending and forming the best business entity for any real estate joint venture.
Creating an Effective Joint Venture Agreement
The key to a good joint venture relationship is a good joint venture agreement. This agreement, which may take the form of a partnership agreement or a limited liability company operating agreement, defines what each party to the joint venture will do, and how the profits and other benefits of the joint venture will be divided between them.
Because the joint venture agreement governs the relationship of the parties, it must be carefully crafted to ensure that it satisfies their expectations and accurately reflects their deal.
We bring our years of experience in drafting and reviewing real estate contracts of all kinds to drafting joint venture agreements that meet those requirements.
As with any business partnership, the parties to a real estate joint venture should make clear at the outset what the duties and rights of each party will be. Doing so minimizes the risk of disputes and reduces the costs of resolving them if they do.
Dilendorf & Khurdayan has the knowledge and experience needed to guide the parties in structuring and formalizing their real estate joint ventures in New York. Our services include assistance at every stage in the joint venture relationship, starting with choosing the right business entity and creating an effective joint venture agreement.
Our Guide on Setting Up Traditional and Tokenized Real Estate Funds: