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Real estate deal terms and returns, explained
Sponsors describe deals in fees, preferred returns, waterfalls and return metrics such as IRR and equity multiple. These guides define each term and work through the math with examples.
Every guide
6 guides in deal terms and returns
GP vs LP in a Real Estate Syndication: Who Does WhatThe GP finds, finances and runs the deal; LPs supply most of the money, stay passive and generally risk only what they invest.8 min read →Real Estate Syndication Fees and the Sponsor PromoteTypical acquisition, asset management and disposition fees, how the promote works, and what fees cost on a $100,000 investment.8 min read →Preferred Return and Equity Waterfall Structures ExplainedHow a preferred return works, how an equity waterfall pays out, and a full worked example with a GP catch-up.8 min read →Equity Multiple vs IRR vs Cash-on-Cash ReturnWhat equity multiple, IRR and cash-on-cash return measure, how to calculate each, and why they can disagree.7 min read →What Is a Good Cap Rate? Cap Rate and NOI ExplainedCap rate is NOI divided by value; here is how to calculate it, what 2026 cap rates look like and how to judge one.8 min read →Commercial Real Estate Terms: A 50-Term Syndication GlossaryFifty syndication terms defined in plain English, grouped by deal structure, offering documents, returns, fees, property, debt and taxes.17 min read →
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