Risks

This wiki organizes risk disclosure into five categories, each tied to the part of the business or the structure that produces the exposure. A reader can jump directly to the category that matters for a specific decision, rather than reading every risk in one long list. Market risk speaks to a leasing question; financing risk speaks to a debt question. The article below explains that organizing principle in full.

This group covers risk tied to a specific building — its market, its physical condition, and the process of constructing it. Market and property risk covers vacancy, rent levels, and valuation once a building is complete. Development and construction risk covers cost overruns, delays, and permitting exposure before it is complete.

This group covers exposure from three different sources: financing, organizational structure, and the investment mechanism itself. Financing and interest rate risk applies once a building has completed lease-up and mortgage debt is placed against it. Structure and regulatory risk applies to operating across four legal and tax regimes at once. Offering risk applies to the units themselves — illiquidity by design, with no guaranteed buyer.