Syndication with Agency Financing

[Robert Reardon]

Has anyone dealt with restrictions of transferability of membership, ownership or beneficial interests under Fannie or Freddie loan covenants? Specifically when the sponsor is providing bridge equity in order to be opportunistic and acquire properties prior to syndicating equity?

My questions relate to best structure to avoid triggering a sale; avoiding additional fees (transfer and legal); what eligibility requirements accredited investors would be subject to (eligibility, credit, management or other).

Thanks in advance.