Workshop: Syndication Structures & Legal Frameworks for New Sponsors

Real estate syndication is how most operators scale beyond their own capital. But the legal structure underlying a syndication — the securities offering, the operating agreement, the waterfall, the LP protections — is complex, consequential, and often misunderstood by first-time sponsors. Get it wrong and you're either violating securities law or giving away more economics than you needed to.

Angela Park is a real estate attorney at Park & Associates LLP with over $1 billion in represented transactions, recognized by California Super Lawyers. She has structured hundreds of Reg D offerings and seen what happens when syndicators skip corners. This workshop is the legal education most sponsors wish they had before their first raise.

What's covered: the legal distinction between a private placement and a public offering; Reg D 506(b) vs. 506(c) — who can invest, how you can market, and when each is appropriate; what a Private Placement Memorandum needs to contain and what makes a PPM actually protective; operating agreement structures — member-managed vs. manager-managed, voting rights, and what LPs should be asking for; waterfall structures — preferred returns, catch-up provisions, and equity splits; LP consent rights that matter in a downturn; and the most common structural mistakes Angela sees from first-time syndicators that create problems at exit or during a capital call.

Attendees receive an operating agreement term sheet template and a Reg D offering checklist. 1.5 CE credits.