Read the PPM, the pro forma, and the loan terms before you send the wire.
Upload the offering memorandum, PPM, operating agreement, rent roll, and T-12. Seven independent reviewers cover the sponsor, the submarket, the building, the business plan, the debt, and your terms as an LP. A Chair turns what they find into one cited recommendation.
Offering decks lead with post-renovation rents and stabilized NOI. The Business Plan reviewer checks those numbers against the trailing-twelve-month statement and the rent roll, including property tax reassessment and insurance after the sale.
02
The debt sets the downside
Many 2021–22 multifamily syndications bought with floating-rate bridge loans and two-year rate caps. When rates rose and the caps expired before the renovations were done, LPs faced capital calls or lost their equity even where the buildings were fine. The Capital Stack reviewer stress-tests DSCR, the cap, and the refinance the return depends on.
03
Fees can pay the sponsor while LPs lose
Acquisition, asset management, refinance, and disposition fees add up. The LP Terms reviewer totals them against the equity raised and reads the waterfall, capital-call, and GP-removal provisions in the operating agreement.
04
Track records are self-reported
A deck lists the wins. Ask for deal-level results on everything they've sold, next to what each projected at purchase. Without that, a claimed return is an assumption, and the report labels it as one.
Your committee
The Real Estate / Syndication committee.
Sponsor / GP Reviewer
The sponsor's track record, full-cycle results against projections, co-investment, key-person risk, and conflicts of interest.
Market & Submarket Reviewer
Rent and sale comps, new supply, demand drivers, occupancy trends, and whether the exit cap rate is supported.
The pro forma against the T-12 and rent roll: rent growth, renovation premiums, operating expenses, taxes, insurance, and lease-up.
Capital Stack & Debt Reviewer
Leverage, DSCR and debt yield, floating-rate and rate-cap exposure, maturity and refinance risk, and recourse.
LP Terms & Returns Reviewer
The waterfall, preferred return, promote, fee load, capital-call and removal rights, and how sensitive LP returns are to the plan.
Devil’s Advocate
The strongest evidence-based case not to invest, focused on risks the other reviewers are likely to miss.
How the committee splits a syndication
Every reviewer gets a narrow mandate and reads the same materials without seeing anyone else's report. Comparable rents and recent sales are the Market reviewer's lane: does anything nearby rent for the projected number today, and do buildings actually trade at the exit cap rate? The Property reviewer reads the condition reports and checks deferred maintenance, the capex budget, environmental findings, and insurability. Only once both hold does the Business Plan reviewer ask whether the model follows from the property's operating history.
The Capital Stack reviewer covers leverage, coverage, rate exposure, and maturity, while the LP Terms reviewer reads the PPM and operating agreement for the pref, promote, fees, and your rights. Last, the Devil's Advocate hunts for risks that compound, like a rate cap expiring just as insurance and taxes climb and the exit cap rate widens.
It works for multifamily, industrial, self-storage, retail, office, and ground-up development, as long as the materials describe a specific property or portfolio.
Built for confidential materials
Private by default. Disciplined by design.
Your workspace is isolated from every other organization. Factual claims must cite the source material, and assumptions and judgments are labeled as such, so evidence and opinion stay separate.
What documents should I upload for a real estate syndication?
The offering memorandum or investor deck, the PPM, subscription and operating agreements, the rent roll, the T-12 operating statement, the sponsor's track record, and any loan term sheet, appraisal, property condition report, or Phase I. PDF and text files are supported, and every cited fact points back to a specific document and page.
Does Conviction replace a lawyer or a property inspection?
No. The reviewers read what the materials say and flag what's missing or inconsistent, such as a capex budget smaller than the condition report implies, or a fee the deck leaves out but the operating agreement includes. Legal review of the offering documents and physical inspections still come from your own advisors.
Does it work for real estate funds or REITs?
It's built for a specific property or portfolio, whether that's a syndication or a direct co-investment. A blind-pool fund without identified assets gives the Market, Property, and Business Plan reviewers little to work with, so most of the report would come back as open questions about the sponsor and the terms.
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