Drawing on our history with Delaware Statutory Trusts ("DSTs") and our extensive experience representing sponsors of DST offerings and clients in other DST transactions, our team advises clients on every aspect of the DST. Members of our team have been engaged in DST transactions since the IRS issued Revenue Ruling 2004-86, which provided “bright line” guidance for the use of DSTs in Section 1031 like-kind exchanges, and worked on the first-ever DST offering in 2004.

Since then, team members have represented sponsors of several hundred DST offerings and have worked on transactions that collectively involve more than $1 billion. Recently, the team began working with existing real estate companies on nontraditional uses of the DST structure to facilitate raising capital from 1031 investors.

We have represented sponsors, institutional and individual investors, lenders, and broker-dealers in DST transactions from "cradle to grave," including:

  • Assisting clients in structuring DST transactions and offerings, including conforming master lease economics to a tax-compliant structure.
  • Preparing private placement memoranda and offering-related materials.
  • Financing DST transactions, having represented DST borrowers and lenders to DSTs.
  • Acquiring properties owned by DSTs.
  • Working with broker-dealers and working with sponsors in connection with the broker-dealer process.
  • Assisting sponsors with investor relations.
  • Working out problematic DST transactions, including representing borrowers springing to LLCs and modifying loan terms and lenders in foreclosure proceedings.
  • Selling and closing out successful deals.
  • Implementing DST structures that allow existing real estate companies to raise capital from 1031 investors.

Members of the team have represented clients on DST transactions involving the following representative asset types:

  • Multi-family
  • Office
  • Commercial
  • Student housing
  • Senior housing
  • Medical office
  • Industrial
  • Hospitality
  • Distribution centers
  • Warehouse
  • Assisted living
  • Skilled nursing
  • Self-storage
  • Mobile home communities