Overview
RBG Portfolio CL Investors
Crowdlender is offering accredited investors a senior secured, participating credit position in RBG Portfolio CL Investors, LLC (the “Fund”). The Fund extends a three-year facility to Ritz Banc Group (“RBG”) — a vertically-integrated real estate manager with a 13-year track record — secured by a first-priority pledge of RBG's promote, management-fee, and economic interests in a ten-property, 1,646-unit multifamily portfolio carrying roughly $255.6M in independent appraised value.
Investors sit one level above the real estate: repaid from RBG's promote and fee streams, with full recourse to RBG Holding LLC and a limited “bad-boy” guaranty from the principals. The 10% coupon delivers contractual income; a 15% promote share adds equity-flavored upside as the portfolio seasons and sells. Platform and management fees are borne by RBG — investors bear none.
Details
For more information, view the Sponsor's Investment Memorandum below.
Premise
A note, not equity
The Fund holds a single Secured Participating Promissory Note issued by RBG Holding LLC — investors are lenders to a proven operator, sitting one level above the real estate.
Contractual income + upside
A 10% base coupon delivers current income; a 15% share of RBG's promote adds equity-flavored upside as the underlying multifamily portfolio seasons and sells.
Secured by real cash flows
A first-priority pledge of RBG's promote and asset-management fees, plus economic interests in a 10-property, 1,646-unit portfolio (~$255.6M appraised).
Use of Proceeds
Per the term sheet. Final terms are governed by the definitive documents.
Essentials
Coupon
10% per annum. Year 1 accrues (PIK) with an option to pay cash; interest-only thereafter.
Participation
15% of RBG's promote payments, plus a 15% GP participation right on future deals.
Term
3-year bullet. Principal due at maturity; prepayable at par with no penalty.
Recourse
Full recourse to RBG Holding LLC plus a limited bad-boy carve-out guaranty from the principals.
Minimum
$50,000 (Manager may accept lesser amounts at its discretion).
Properties
Underlying Assets — the ten multifamily properties whose promote & economic interests secure the note. Independently appraised (CBRE / Colliers, 2025).
| Property | Market | Units | Appraised Value |
|---|---|---|---|
| Blue Ridge Crossing | Winchester, VA | 193 | $40.2M |
| BayPointe Crossing | Virginia Beach, VA | 160 | $30.0M |
| Madison Woods | Greensboro, NC | 180 | $28.2M |
| Hickory Point | Newport News, VA | 175 | $28.1M |
| The Grove | Raleigh, NC | 178 | $25.1M |
| Hilton Village Townhomes | Newport News, VA | 160 | $25.0M |
| Forest Ridge | Richmond, VA | 135 | $21.5M |
| Lee's Landing | Newport News, VA | 136 | $21.3M |
| Deering Manor | Richmond, VA | 168 | $20.8M |
| Broad on the Green | Augusta, GA | 161 | $15.4M |
| Total — 10 properties | 1,646 | $255.6M |
Independently appraised — CBRE / Colliers, 2025.
Growth Plan
The sponsor's five-year plan to scale platform AUM from $451M toward $1.5B.
Sponsor projection; not a guarantee
Why Participate?
Downside protection
A 10% contractual coupon and a full-recourse claim on RBG — one level above the assets.
Equity-flavored upside
A 15% promote share that lifts the blended return toward the mid-teens.
Real collateral
$255.6M of independently-appraised multifamily standing behind a $3.0M facility.
Alignment
RBG co-invests $37.3M and its promote is pledged — it is paid last.
Expected Return Profile
Projected distributions over the 3-year term. Choose an investment amount to scale the figures. Illustrative only — see disclaimer below.
The final bar includes the projected capital event (principal repayment plus accrued Year-1 PIK interest and the promote share) and is shown at full height for scale; its amount is labeled. Operating-distribution bars are scaled to the largest operating quarter for readability.
| Quarter | Projected Distribution | Cumulative |
|---|---|---|
| Y1 Q1 | $0 | $0 |
| Y1 Q2 | $0 | $0 |
| Y1 Q3 | $0 | $0 |
| Y1 Q4 | $0 | $0 |
| Y2 Q1 | $1,250 | $1,250 |
| Y2 Q2 | $1,250 | $2,500 |
| Y2 Q3 | $1,250 | $3,750 |
| Y2 Q4 | $1,250 | $5,000 |
| Y3 Q1 | $1,250 | $6,250 |
| Y3 Q2 | $1,250 | $7,500 |
| Y3 Q3 | $1,250 | $8,750 |
| Y3 Q4 | $66,250 incl. capital event | $75,000 |
Hypothetical projection based on the sponsor's underwriting assumptions, for illustration only — not a guarantee or forecast of actual results. Reflects a 10% base coupon (Year 1 accrues as PIK and is paid at maturity; interest-only in cash thereafter) plus an illustrative 15% promote share; principal is returned at maturity. Distributions scale proportionally with the investment amount and depend on portfolio performance; actual results may differ materially. An investment is illiquid and speculative and involves the risk of loss of principal. Offered only to verified accredited investors under Rule 506(c).
Subscription process
1 · Verify accreditation
Complete accredited-investor verification (Reg D 506(c)).
2 · Review the data room
Access the PPM, Operating Agreement, and Subscription Agreement.
3 · Subscribe & fund
Execute the Subscription Agreement and fund your commitment (min $50,000).
4 · Earn & participate
Receive the 10% coupon and your 15% share of RBG's promote over the 3-year term.
Offering Docs
The core offering documents for this investment, prepared and delivered by the Sponsor.
Data Room
Full diligence file — appraisals, financials, and supporting materials, organized by folder. Available to accredited investors.
Deal Highlights
- Downside protection — a 10% contractual coupon and a full-recourse claim on RBG, one level above the assets.
- Equity-flavored upside — a 15% promote share that lifts the blended return toward the mid-teens.
- Real collateral — $255.6M of independently-appraised multifamily standing behind a $3.0M facility.
- Alignment — RBG co-invests $37.3M and its promote is pledged; it is paid last.
Management
Ritz Banc Group
Founded in 2012 and headquartered in Arlington, VA, Ritz Banc Group (RBG) is a vertically-integrated real estate and alternative-asset manager. RBG has completed $725M+ of transactions across 27 assets — predominantly Mid-Atlantic and Southeast workforce multifamily — and today manages roughly $451M across 16 active investments (~3,600 units). Its realized investments have returned 1.75× / 17.2% net IRR across two market cycles.
RBG's principals have $37.3M of their own capital invested alongside partners, supported by audited fund financials, an independent administrator, and Juniper Square investor reporting.
Management Team
Nasr El Hage is the Co-Founder & Managing Director of Ritz Banc Group and a member of the Executive and Investment Committees, where he leads capital markets and investor relations. He has extensive experience across investment strategy, sourcing, underwriting, market research, risk management, and disposition.
Before founding RBG, he was a Valuation Risk Analytics Manager at Freddie Mac, overseeing an $85 billion portfolio of multifamily fixed-income assets and MBS, and previously held consulting positions at BearingPoint (now Deloitte). He is fluent in English, French, and Arabic.
Education
- M.A., Applied Economics — The Johns Hopkins University
- B.S., Economics — George Mason University
Amer A. El Souki is the Co-Founder & Managing Director of Ritz Banc Group, a member of the Executive and Investment Committees, and head of the firm's asset-management team. His work spans investment strategy, underwriting, due diligence, operations, investor reporting, and disposition, and he plays a central role in structuring the firm's LP investment vehicles.
Before founding RBG, he was an executive at Truland Systems Corporation, heading its low-voltage subsidiary, Tech Inc., where he oversaw more than $200 million in contracted work and helped double annual turnover over eight years across commercial, residential, and government projects. He is fluent in English and Arabic.
Education
- M.S. — George Mason University
- B.S. — George Mason University
Financials
For more information, view the Sponsor's Investment Memorandum.
Capital Stack
Sources of Funds
| Crowdlender investor notes (Reg D 506(c)) | $3M |
| Total | $3M |
Uses of Funds
| Portfolio acquisitions & equity recycling | $2.25M |
| Platform working capital (scale-up) | $600K |
| Offering & closing costs | $150K |
| Total | $3M |
Debt Assumptions
Secured Participating Promissory Note
- Issuer: RBG Holding LLC
- Facility size: $3.0M
- Coupon: 10% per annum (Yr 1 PIK; cash option)
- Participation: 15% of RBG promote
- Term: 3-year bullet; prepayable at par
- Collateral: First-priority pledge of promote & fees + economic interests (~$255.6M appraised)
- Recourse: Full recourse to RBG Holding LLC + bad-boy guaranty