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Multi-Tranche Real Estate Fund — Asset Tokenization Smart Contract Architecture — Multi-Tranche Real Estate Fund
Sophisticated tokenized real estate funds use multi-tranche structures (similar to traditional CMBS) to offer different risk/return profiles to different investor classes.
EQUITY TRANCHE (highest risk, highest potential return): Bears first losses from property value decline, Receives residual cash flow after debt service, Typical target return: 12-18% IRR. MEZZANINE TRANCHE (medium risk): Subordinate to senior debt, senior to equity, Fixed coupon + some upside participation, Typical tar...
contract MultiTrancheRealEstateFund { enum TrancheType { SENIOR_DEBT, MEZZANINE, EQUITY } struct Tranche { TrancheType trancheType; IERC20Tranche token; // Separate ERC-20 for this tranche uint256 totalValue; // Total USD allocated to this tranche uint256 fixedCouponBps; // Annual coupon rate (0 for equity) uint256 pri...
Common integrations: The Graph, Alchemy/Infura, OpenZeppelin Defender, and popular wallet providers.
Clarify requirements, compliance needs, architecture risks, and launch goals.
Implement core contracts, integrations, product flows, tests, and deployment automation.
Run QA, prepare audit handoff, deploy infrastructure, and support production rollout.
Yes — each tranche may have different investor eligibility requirements (senior debt might be open to a broader investor base than equity), different risk disclosures, and potentially different securities exemptions. Legal structuring for multi-tranche offerings typically costs 2-3x more than single-tranche due to the additional complexity of waterfall mechanics, subordination agreements, and tranche-specific disclosure documents.
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