Darryl Steinhause, partner with the law firm DLA Piper, discussed the SEC's decision to lift its ban on the general solicitation of private placements and the effect on commercial real estate in the latest edition of the NAREIT Podcast.
Steinhause provided an overview of the new rules.
"The new rules are very broad," he said. "They will let you advertise on the Internet, on TV, on radio—there are basically no limitations on where you can advertise and where you can bring in your investors."
Steinhause noted that while private placements can only be sold to accredited investors, the prohibitions on advertising to anyone have been removed.