TOBIN served as Managing Broker-Dealer for the private placement of preferred equity interests in SP 10 Preferred Equity, LLC, a Caliber-sponsored real estate offering formed to support a multifaceted residential development and adaptive reuse project in Phoenix, Arizona.
The offering contemplated investment in a planned multi-family residential community combined with the adaptive reuse of an existing hotel structure. The ±8.04-acre site is located at the southwest corner of Interstate 10 and Elliot Road, a highly visible infill location within the Phoenix metropolitan area. The proposed development consisted of 188 residential units across a diversified unit mix, including townhouse-style units with attached garages, two-story duplex-style residences with yards and patios, and a mid-rise tower to be converted into studio, one-bedroom, and two-bedroom apartments.
The project was designed to deliver density and housing variety through a combination of ground-up development and adaptive reuse, with planned amenities including a clubhouse, fitness center, resort-style pool, outdoor gathering areas, and dog-friendly features. The site’s freeway frontage and proximity to major employment centers were central to the project’s positioning.
The offering was structured with two classes of equity interests: Preferred Investor Units and 12% Current Pay Investor Units, each with distinct return profiles and distribution priorities. Proceeds were intended to support entitlement completion, demolition, phased construction, and redevelopment activities, with return thresholds established through a combination of current pay distributions and capital event proceeds.
As Managing Broker-Dealer, TOBIN oversaw the offering as well as the processes of the issuer as they related to U.S. securities laws. The firm focused on the integrity of disclosures, the suitability of the investment for each participating investor, and compliance with applicable securities laws and regulations. TOBIN reviewed and approved the private placement memorandum and related offering materials, evaluated selling compensation structures, and ensured that all material risks, assumptions, and conflicts were clearly and consistently disclosed.
As the project progressed, development sequencing, capital structure considerations, and financing alternatives were actively evaluated. TOBIN remained engaged throughout this period, ensuring that investor communications and disclosures accurately reflected the project’s status and evolving execution path, and that investor protections remained central as circumstances developed.
During the course of the offering, TOBIN conducted an updated due diligence review, approved revisions to offering materials, and supported an extension of the offering period, reflecting continued regulatory engagement and disciplined oversight as the project was reevaluated.
This engagement reflects TOBIN’s role as a Broker-Dealer for complex preferred equity offerings involving development risk, adaptive reuse, and layered capital structures, and its willingness to exercise disciplined oversight when execution paths require reassessment.
