Cover::



 

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Chapters::  Total chapters 22
 
  1. WHAT IS A SYNDICATE?
    Group investment
    type of syndication
  2. REAL-ESTATE SYNDICATE
    Principles of Real estate syndication
  3. THE SYNDICATOR
    Issuer vs. Dealer Functions
    The anatomy of a Real estate security syndication
    The Syndicator's Leverage
    Syndicator's Risks and Responsibilities
  4. THE SYNDICATOR’S MOTIVATION AND PROFIT
    The Real Estate Broker
    Areas of Profit
    Profit Formulas
  5. WHAT TO SYNDICATE
    Selection of Project
    Types of Projects
    Syndicating For All Cash
    Classes of Syndicates
  6. HOW TO ACQUIRE THE PROPERTY
    Sources of Projects
    Controlling the Property
    Options, Contingencies, and Price
    Subject to vs. Assumption
    Contingencies in the Contract
    Informational sources
    Leverage Techniques
  7. SELECTING A REAL ESTATE BROKER
  8. HOW TO NEGOTIATE FINANCING
  9. SELECTING THE FORM OF ENTITY
  10. TAX CONSIDERATIONS
  11. FORMATION OF THE ENTITY
  12. DOCUMENTATION OF THE SYNDICATE
  13. DRAFTING SYNDICATOR’S PROVISIONS
    OF ENTITY DOCUMENTS
  14. DRAFTING IMPOUND PROVISIONS
    IN A SECURITIES OFFERING
  15. MANAGEMENT OF THE SYNDICATE
  16. STATE AND FEDERAL REGULATION
    OF SYNDICATION ACTIVITIES
  17. HOW TO MARKET SYNDICATE SHARES
  18. GUARANTEES AND REAL ESTATE
    SYNDICATE SECURITIES
  19. PROVIDING LIQUIDITY FOR SYNDICATE INTERESTS
  20. THE NEW SYNDICATION STRATEGY
  21. HOW TO ANALYZE AN OFFERING
  22. CONCLUSION

Principles of Real Estate Syndication

With Entertainment supplement, oil and gas supplement

3rd Edition

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Preface::

Having been successively President of the California Real Estate Association, Real Estate Commissioner of the State of California, a charter member and National Vice President of the Real Estate Securities Institute, and President of the successor to that institute (the Real Estate Syndicate Securities Institute, of the National Association of Realtors), I have had many occasions to work closely with Samuel K. Freshman on improving and developing standards for the syndication industry.

The first edition of Principles of Real Estate Syndication (published in 1971) was extremely helpful to me and I have recommended it whenever asked by anyone interested in real estate syndication for an authoritative work on the subject.

Sam's expertise, imagination, and depth of real estate knowledge comes through even stronger in later editions. It is being used as the basic text by several colleges for courses in syndication and real estate development and is a good, practical working tool for those active in the industry, rounding out and supplementing their own individual experiences.

Burton A. Smith
Orange County, California

 
Foreword::
I've had the opportunity of learning the principles of real estate syndication from Sam Freshman long before he wrote the first edition of this book.

Up until 1968, my then partner and I were quite content in doing what we had been doing successfully since 1958 - selling apartment houses to individuals using customary brokerage procedures. I recall a luncheon meeting during late 1968 when Sam tried to convince us that with syndication as an additional marketing tool we would be able to expand our sales volume at a much faster rate.

Frankly, we were a bit hesitant in taking his advice; not because he hadn't convinced us that syndication was the right direction but because we were somewhat apprehensive about the unknown. After all, to be successful in syndication required revamping our marketing program - not to mention learning the legal and practical aspects of putting a syndicate together.

Finally, during the early part of 1969, Sam said to us, "Look, you select a suitable property for syndication, and I'll tell you what to do from there even if I have to do it myself." Subsequently, we selected one of our best listings for our first syndication, conducted a meeting in our own office for a number of investors, and were on our way with a marketing process we had long ignored.

Although our initial offering was sold out the first evening, we made a number of mistakes in our presentation and Sam stayed with us at our office until almost two o'clock in the morning following that presentation. That meeting was an example of his in-depth understanding of the practical aspects of syndication because his coaching was directed to the organizational and psychological aspects of the presentation including matters concerning our timing, the content, and the overall selling approach.

You'll discover by reading Principles of Real Estate Syndication that the success of an offering is not necessarily limited to the manner in which the legal material is put together. It takes good 'business judgment as well. Mr. Freshman's understanding of how to combine legal expertise with good business judgment is reflected in the material which follows.


NORMAN JACOBSON
Los Angeles County, California

 
   
 

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