Crowd Comes for CrowdStreet & LifeCo Lenders Roar

This week, we break down CrowdStreet playing the victim card in CRE's biggest-ever crowdfunding scam, perpetrated by Elie Schwartz. We riff on why CMBS is rearing its head in development deals, and how private equity reimagined life insurance as a perpetual source of capital for its private-credit bets. Plus: A Manhattan REIT's nepotism playbook. 

Further reading: 

https://ten31.beehiiv.com/p/crowdfunding-scam-highlights-the-goldman-mistress-back-channel#7-highlights-from-cr-es-biggest-cro 

https://www.wsj.com/finance/investing/missing-millions-and-a-rabbinical-arbitrator-real-estate-deal-gone-bad-hits-popular-crowd-funder-3555314f

https://www.bisnow.com/national/news/capital-markets/crowdstreet-accused-of-raising-securities-without-a-license-in-class-action-128551?utm_source=ten31.beehiiv.com&utm_medium=referral&utm_campaign=s3-s-sizzle-silber-gets-off-easy

https://ten31.beehiiv.com/p/pulte-s-purge-cmbs-development-ambitions

https://ten31.beehiiv.com/p/kkr-s-surprise-sale-cushman-s-mayoral-menace#life-is-for-lending

https://americanaffairsjournal.org/2025/02/from-investment-to-savings-when-finance-feeds-on-itself/

https://www.crainsnewyork.com/real-estate/paramount-group-paid-millions-outside-companies-owned-ceo-albert-behler