Experienced syndicators!

Our team is in the midst of finalizing our Opportunity Zone Fund based in SPOKANE, Wa. We are looking to raise $30M, with the total project being worth $80M ($50M leverage). We own the dirt, and we are at the final leg of legal and accounting (operating agreement, PPM, subscription agreement, etc...)

The property is in a prime location abutting the main city park, and over looking the river which cuts through downtown. An added bonus is that adjacent to our property, the city is in the process of building a state of the art 180,000 sqft. sportsplex. We really lucked out with the OZ location designation.

The project will be 2 towers. One will be a 6 story mixed use building with retail/office/apartments. The second and larger tower will consist of 6 floors of parking with office and hotel directly above. The tower will be comprised of 12 stories total.

My role will be investor relations- essentially seeking capital contributions from investors and managing those relationships as the asset matures.

After speaking with our legal counsel we have opted for Regulation D Rule 506 B. My question for the forum is- Since we cannot use general solicitation or advertising to market our fund, what are the most effective and creative way you have raised funds in this space?

Myself and our team has a respectable “Rolodex”; however, we have been told by legal that even friends or friends cannot invest in our fund since there isn’t a “preexisting substantive relationship”.

Is there a work around? How do you market? What do you say when asked about your project? Can someone that hears about the fund promote it to friends and family? Can that same person promote it during an interview?

Any insight would be greatly appreciated.

Thank you in advance!