MF
Multifamily
Potential acquisitions may include stabilized apartment communities and selected value-add opportunities. Occupancy, operating performance, financing, market conditions, and execution can materially affect results.
Fund 1 · Private Real-Estate Strategy
First RE RWA Fund: income-focused real estate with an entity-based ownership structure.
A proposed closed-end fund focused on stabilized multifamily apartments, single- and multi-tenant NNN properties, and selected income-producing U.S. commercial real estate.
First RE RWA Fund (“FRRF”) is designed for investors who understand the risks of private offerings and want to evaluate a real-estate strategy with defined offering terms, restricted transferability, and fund-level management.
Proposed Fund 1Private real-estate strategy · restricted fund interests · entity-based ownership and management.
Up to $100MProposed target maximum fund size
$100,000Proposed FRRF interest price and minimum investment
Up to 8%Preferred-return term, subject to final documents and performance
RestrictedTransfers subject to fund approval, governing documents, and law
Investment focus
Private real estate selected for income, structure, and long-term execution.
The fund intends to evaluate income-producing properties based on cash flow, tenancy, lease terms, location, financing, valuation, reserves, and a defined business plan. No investment outcome, distribution, appreciation, or return of capital is guaranteed.
NNN
Net-lease properties
Potential net-lease investments are evaluated for tenant credit, remaining lease term, rent escalations, assignment provisions, property condition, and landlord obligations. Net leases do not eliminate investment risk.
CRE
Selected commercial assets
Selected commercial properties may be considered where the sponsor believes the underwriting, lease profile, location, and transaction structure fit the fund strategy.
Illustrative allocation
A diversified real-estate mandate.
Illustrative only. Allocations may change, and the fund may not reach any stated allocation. The fund may engage third-party or affiliated service providers as permitted by the governing documents. Related-party arrangements, fees, reimbursements, and conflicts will be addressed in the offering documents.
40%Multifamily and residential income opportunities
30%Single-tenant NNN property opportunities
20%Multi-tenant NNN and commercial assets
10%Reserves, value-add, and selected strategic opportunities
Title, entity, and token structureReal-property ownership, fund interests, and token records are structured through project-specific governing documents and qualified providers.
Ownership and recordkeeping
Real-estate title is held at the entity level.
For real-estate projects, recorded title is generally held by an SPV LLC for recording purposes and management of the asset. The SPV may be an existing or newly formed entity, as determined by the fund structure, property, financing, governing documents, and applicable law.
FRRF interests are intended to represent restricted security interests in the fund. Tokens may be recorded on a blockchain and represent fractional ownership interests in the LLC or other applicable entity structure—not direct recorded title to the underlying property—unless expressly stated in the project documents.
Authoritative records matter: The governing documents and the fund’s authorized ownership and transfer records control ownership, transfer rights, and all other investor rights. Blockchain records may support the token recordkeeping structure but do not override the governing documents or create freely tradable crypto assets.
Asset operations
Property management and administration are selected by asset.
Property-level management and administration are structured based on the property, operating plan, governing documents, lender requirements, and the fund’s agreements. The fund may engage third-party or affiliated service providers where permitted.
Property management options
Day-to-day property operations may be handled by an independent licensed property manager, an affiliated or third-party operating provider, or another qualified manager retained for the particular asset. Responsibilities may include tenant service, leasing, maintenance, staffing, vendor oversight, rent collection, and site execution.
Capstone Admin Services
Capstone Admin Services may be engaged as an option for administration, reporting coordination, vendor calendars, document organization, asset-support workflows, and operating information flow, as appropriate for the fund, property, and governing documents. Capstone does not replace services that must be separately licensed, retained, or authorized.
Proposed distribution sequence
Defined terms, subject to final offering documents.
The following describes a proposed distribution sequence at a high level. Definitive terms, calculations, timing, catch-up provisions, fees, expenses, reserves, and investor rights are exclusively governed by the final offering documents.
1. Preferred-return term
Subject to the fund’s available distributable cash and the governing documents, distributions may first be allocated toward the applicable cumulative preferred-return term.
2. Return of capital
Subject to available distributable cash and the governing documents, remaining distributions may be allocated toward return of investor capital before residual profit sharing.
3. Residual participation
After applicable prior tiers, a manager catch-up and an 80% investor / 20% manager residual split may apply as defined in the governing documents.
Up to 8% preferred-return term · Proposed 80/20 residual split. This summary is not complete and may change. Investors should rely only on the final private placement memorandum, subscription materials, and governing documents provided in connection with any offering.
Proposed fund terms
Key terms at a glance.
| Term | Summary |
|---|---|
| Fund name | First RE RWA Fund |
| Symbol | FRRF |
| Fund type | Proposed closed-end tokenized real-estate fund |
| Offering route | Intended Regulation D, Rule 506(c) private offering, subject to final documentation and compliance |
| Investor eligibility | Verified accredited investors and, if applicable, non-U.S. investors approved by the fund in jurisdictions where permitted |
| Fund target size | Up to $100 million, subject to the offering documents |
| Interest price | $100,000 per FRRF interest |
| Minimum investment | One FRRF interest · $100,000 |
| Preferred-return term | Up to 8% per annum, cumulative only as specified in the final offering documents; not guaranteed |
| Residual profit split | Proposed 80% investors / 20% manager after applicable prior distribution tiers |
| Management fee | 1.5% annual asset-management fee on invested equity, subject to the offering documents; additional fees and expenses may apply |
| Asset focus | Multifamily, single- and multi-tenant NNN properties, and selected income-producing U.S. commercial real estate |
| Title and ownership structure | Recorded real-estate title generally held by an SPV LLC; FRRF tokens represent restricted fractional ownership interests in the applicable LLC or other entity structure, subject to final documents |
| Token recordkeeping | Tokens may be recorded on a blockchain, while authorized ownership and transfer records and the governing documents control investor rights |
| Liquidity | No public market; transfers restricted and subject to governing documents, legal compliance, and fund approval |
| Sponsor / interim manager | First Capital Co d/b/a STWrwa.com, sponsor; David B. Stewart, interim manager |
The final fund entity, issuer, manager arrangements, fees, expenses, conflicts, valuation, transfer restrictions, and investor rights will be identified in the final offering and governing documents.
Confidential inquiry
Request Fund 1 information.
Use the secure inquiry form to request general Fund 1 information, discuss a potential property, or begin a partnership conversation. The form sends directly to the STW RWA sales inbox and does not require Outlook, Gmail, or another email application.
General sales inquiries · sales@stwrwa.com
Important disclosures
Private real-estate strategy.
The fund intends to invest primarily in private real estate, whose returns, valuation methods, and liquidity profile may differ from public securities and may still be affected by broad economic and market conditions.
Private offering and risk
First RE RWA Fund is proposed as a closed-end vehicle and is not represented as offering daily liquidity, exchange trading, or redemption at par. The preferred return is a contractual allocation term and not a promised outcome. It is subject to fund performance, available cash, liabilities, reserves, expenses, leverage, and the offering documents.
Title, entity, and token interests
For real-estate projects, recorded title is generally held by an SPV LLC for recording purposes and management of the asset. Tokens may be recorded on a blockchain and represent fractional ownership interests in the LLC or other applicable entity structure—not direct recorded title to the underlying property—unless expressly stated in the project documents. The final governing documents and authorized ownership and transfer records control.
Transfer restrictions and liquidity
The intended recordkeeping structure is designed to support ownership records and fund reporting; it does not create a freely tradable crypto asset or guarantee secondary-market liquidity. Investor reporting, if any, will be provided in the manner and at the intervals stated in the final offering and governing documents.
Investor process
Before the fund accepts a subscription or issues an interest, it will complete the eligibility and accredited-investor verification steps required for the offering. Eligible prospective investors may receive applicable offering materials, including the private placement memorandum, subscription agreement, and governing documents, subject to the fund’s process and applicable law. Submitting an inquiry does not create an investment commitment, establish suitability, or constitute an offer or acceptance.
International offers
Offers and sales outside the United States, if any, are made only where permitted and only to investors approved by the fund after applicable legal, tax, sanctions, and eligibility review.