Capital Structure & Equity Senior Debt The first lien on a property — highest priority for repayment in default.
Capital Structure & Equity Side Letter A private agreement between a fund and individual investors granting special terms.
Capital Structure & Equity Sponsor The operating partner who finds, acquires, and manages a real estate investment.
Capital Structure & Equity Sponsor Co-Invest Capital the sponsor invests alongside LPs to align interests.
Capital Structure & Equity Subordinate Debt Any debt paid only after senior debt is satisfied in default or sale.
Capital Structure & Equity Syndication Pooling capital from multiple investors to acquire larger properties together.
Capital Structure & Equity Tag-Along Right A minority owner’s right to join a sale initiated by majority owners on the same terms.
Capital Structure & Equity TVPI Total Value to Paid-In capital — distributions plus residual value divided by invested capital.
Capital Structure & Equity Vintage Year The year a private fund first deployed capital — used to benchmark performance.
Capital Structure & Equity Waterfall The order in which distributions flow to debt, preferred equity, common equity, and the sponsor.
Closing & Transactions Addendum An add-on document modifying or supplementing a real estate contract.
Closing & Transactions Affidavit A sworn written statement, often used to confirm title matters at closing.
