SPV Term Sheet (Real Estate)
Indicative term sheet for a real-estate SPV: classes, cash waterfall, fees, governance, reporting/valuation, distributions, tokenization & custody, transfers/secondary, tax & compliance, CPs, and timeline.
Contents (short)
- Parties & overview — SPV, Manager, asset, strategy, raise, proceeds.
- Capitalization — equity/preferred/debt classes, rights, targets.
- Cash waterfall — opex → debt → pref → ROC → catch-up → residual split.
- Fees — acquisition/set-up, management, PM, performance/carry, admin, platform/custody.
- Governance — investor votes, manager scope, advisory committee (optional).
- Reporting & valuation — quarterly ops/financials, audit, NAV/appraisal cadence.
- Distributions — cadence, method, withholding/tax.
- Tokenization & custody — network/standard, allowlists, registrar/corporate actions.
- Transfers & secondary — lock-up, ROFR/tag/drag, venue rules, legends.
- Tax/regulatory/compliance — regime basis, KYC/AML/sanctions, Travel Rule (if tokenized).
- CPs & deliverables — KYC/Subscription, approvals, DD, insurance, registrar/smart contract.
- Risks & timeline — market/tenant/leverage/ops/tech/regulatory; indicative roadmap.
- Annexes — cap table, distribution model, detailed fees, governance actions, reporting template, glossary.
Download & next steps
Download the skeleton and align waterfall tiers, hurdles/carry, lock-ups and token rules with your jurisdiction, financing mix and platform setup. We can adapt it end-to-end.