Fees and Compensation — Form ADV Part 2A (3/31/2023)
[Brochure]
Item 5: Fees and Compensation
The Firm charges fees for investment advisory services generally as a percentage of assets under
management. Investment advisory fees are negotiable; however, compensation may include an
origination or acquisition fee of 0% - 1.00%, an annual asset or portfolio management fee during
the investment period of .40% - 1.50%, and a divestiture fee of 0% - 1.00%. In addition, when
permitted, the Firm will receive additional compensation in the form of participation (20% or
less) in an investment property’s net cash flow and/or in the residual profits upon sale or loan
repayment. In all cases the fee will be agreed to by the client and disclosed in the advisory
agreement or, in the case of private funds, in the offering documents or PPM (or equivalent).
The Firm does not currently act as the manager of commingled or pooled investment funds, but
is in a joint venture single investor partnership. The Firm has historically received a management
fee from such funds, separate accounts and partnerships based on net invested assets under
management or committed investor capital as well as the potential to earn carried interests in the
returns earned by investors after having received a specified rate of return on their investments.
Fees have been payable at the time services are provided, in advance or in arrears, generally on a
quarterly or upfront basis. Non-discretionary separate account investment advisory contracts are
usually cancelable with notice of 30 days by the institutional client. Any fees paid to a
subadvisor, if utilized, would be the responsibility of the Firm and be paid from fees paid to it by
the client.
The Firm may engage real estate or mortgage loan brokers from time to time, which fees will be
paid for by the client. See Item 12, Brokerage Practices.
Account Minimums and Types of Clients — Form ADV Part 2A (3/31/2023)
[Brochure]
Item 7: Types of Clients
The Firm currently provides real estate equity and debt investment advice to institutional clients
through a single investor partnership. While the Firm has historically not imposed a minimum
dollar value of assets with respect to maintaining a separate account with Capri, the private
investment funds sponsored by the Firm generally require a minimum subscription amount
$1,000,000 that may be reduced or waived at the adviser’s discretion in order to invest. Potential
investors will receive offering memoranda (or equivalent) that will disclose any minimum
subscription requirements.