The Building Tomorrow Fund

Capital for housing, from entitlement to completion.

The Building Tomorrow Fund provides institutional investors with exposure to secured real estate credit at the two stages where housing supply is most constrained by capital: predevelopment, when land is entitled, designed and made ready to build, and construction, when it is built. Both are stages that bank balance sheets have retreated from and that permanent lenders do not reach.

Structure

How the Fund is held and administered.

Investorscapital accounts,monthly NAVThe Fundfacilities,independently auditedFEA Capital, sponsorstructures and managesinvestor point of contactIndependent partiesDraw administrationindependent constructionmonitoring on every projectCustodiancash and collateraldocumentsAdministratorperiodic NAV, capital accounts,facility-level dataFacilitiesfirst-priority liens on landand improvementsDeveloper sponsorretains equityin every projectcapitalsponsorscash, documents and records held by
Investorscapital accounts, monthly NAVcapitalThe Fundfacilities, independently auditedsponsored byFEA Capital, sponsorstructures and manages,investor point of contactheld byIndependent partiesDraw administrationindependent constructionmonitoring on every projectCustodiancash and collateraldocumentsAdministratorperiodic NAV, capital accounts,facility-level dataFacilitiesfirst-priority liens on landand improvementsinterest retained byDeveloper sponsorretains equityin every project
FEA structures each facility, manages the Fund and serves as the investor's point of contact. Cash, collateral documents and books and records are held by independent parties.

Housing supply in the United States.

The U.S. has built fewer homes than it has formed households for more than a decade, and the gap continues to widen. The constraint is capital as much as land or labor: projects stall between entitlement and the first draw. The Fund provides capital to that gap.

4.03 million

Cumulative U.S. housing deficit, 2025

Realtor.com, Housing Supply Gap Report (2026)

1.41 million

Households formed in 2025

Realtor.com, Housing Supply Gap Report (2026)

1.5 million

Homes completed in 2025

Realtor.com, Housing Supply Gap Report (2026)

1.82 million

Young households delayed by cost and inventory

Realtor.com, Housing Supply Gap Report (2026)

What the Fund offers investors.

  1. 01

    Exposure to a structural supply gap

    Demand for housing capital is driven by a decade-long deficit, not a cycle. The Fund lends into the stages of delivery that are least served.

  2. 02

    Two stages, two return profiles

    Predevelopment facilities: shorter duration, secured by entitled land and plans. Construction facilities: draw-funded against completed work, secured by the improved asset. Allocation between the two is set in the fund documents.

    EntitlementCompletionPermanent financing followsPredevelopmentLand is entitled, designed and made ready to build.Secured by entitled land and plans.Shorter duration.ConstructionThe project is built.Draw-funded against completed work.Secured by the improved asset.Stages that bank balance sheets have retreated from and that permanent lenders do not reach.
    EntitlementPredevelopmentLand is entitled, designed andmade ready to build.Secured by entitled land and plans.Shorter duration.ConstructionThe project is built.Draw-funded against completed work.Secured by the improved asset.Completion · permanent financing followsStages that bank balance sheets have retreatedfrom and that permanent lenders do not reach.
  3. 03

    Real property collateral

    First-priority liens on land and improvements, completion and payment guaranties, and title and builder's risk insurance on every facility.

    What stands behind each facilityFirst-priority lien on land and improvementsOn every facility.Completion and payment guarantiesOn every facility.Title and builder's risk insuranceOn every facility.Independent construction monitoringOn every project.Developer sponsor equityRetained in every project.
    What stands behind each facilityFirst-priority lien on land and improvementsOn every facility.Completion and payment guarantiesOn every facility.Title and builder's risk insuranceOn every facility.Independent construction monitoringOn every project.Developer sponsor equityRetained in every project.
  4. 04

    Diversification across projects, markets and sponsors

    Granular exposure across housing types, geographies and developer sponsors, with concentration limits set in the fund documents.

  5. 05

    Separation of functions

    Draw administration, custody and fund administration by independent parties under SOC 1 and SOC 2 audited controls; independent construction monitoring on every project; independent audit of the Fund.

  6. 06

    Independent reporting and retained interest

    Periodic NAV, capital account statements and facility-level data from the administrator; the developer sponsor retains equity in every project.

  7. 07

    Direct sponsor access

    The team that structures and manages the Fund is the team investors deal with.

Diligence materials.

Underwriting criteria, collateral and draw documentation, facility structure and reporting specimens are provided in the Fund's diligence materials, available on request together with introductions to the administrator and construction monitor.

Any offering is made solely to qualified investors pursuant to confidential offering documents.

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