TOBIN served as Managing Broker-Dealer for the private placement of equity interests in Commons FundCo, LLC, an offering sponsored by Caliber to finance the ground-up development of a workforce multifamily community in Mesa, Arizona. The engagement required an experienced Managing Broker Dealer capable of supervising a construction-stage real estate offering with layered risk, multiple equity classes and extended execution timelines.
The offering supported the acquisition and development of Second Avenue Commons, a 144-unit apartment community located on 2nd Avenue between South Robson and South MacDonald in downtown Mesa. The property was acquired in 2021 for approximately $2.88 million and is being developed across approximately 2.54 acres. The project consists of twelve three-story residential buildings comprising 48 one-bedroom units and 96 two-bedroom units. Caliber is acting as co-developer alongside Cardinal Capital Management, the existing site owner at acquisition.
The equity offering was structured with multiple investment classes, creating differentiated return profiles and governance rights within a single coordinated capital stack. Proceeds were deployed alongside construction financing to fund land acquisition, vertical development, interest reserves and operating requirements associated with a ground-up multifamily build. The structure required ongoing Broker-Dealer supervision as development milestones, leasing progress and capital deployment evolved over time.
As Managing Broker Dealer, TOBIN oversaw broker-dealer operations throughout the lifecycle of the offering, including review and approval of private placement memoranda, supervision of selling compensation arrangements and coordination of disclosures addressing construction risk, development timelines and sponsor execution. TOBIN also served as the supervising Broker Dealer, providing FINRA-compliant execution across investor communications, subscription materials and ongoing reporting during the construction and lease-up phases.
This engagement reflects TOBIN’s role as a hands-on Broker-Dealer for sponsors seeking a Managing Broker-Dealer with deep experience in ground-up development offerings and multi-class equity structures.
