Fairway America has played the lead role in consulting, advising and guiding the structure and formation of the Beacon Capital Fund I in Vancouver, WA.
The Fund’s Manager, Beacon Capital Management Group ("BCMG") is owned by its principal Stephen Seal. Starting from scratch in 1997, Stephen founded and still owns Radius Management. Started as a very small land investment company, selling land only in the State of Oregon, Stephen’s leadership and strong vision allowed Radius to capitalize on the explosive growth period of the early 2000’s, and grew it to become the largest online retailer of land in the United States.
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Since then, and despite the recent recession and real estate downturn, he has purchased and sold over 6,800 properties in 30 states.
Seal said: "Through my deep involvement in land over the years, I gradually became more and more familiar with tax lien certificates. The more I looked at it, the more I liked the investment profile, dynamics, and return features of these certificates, which led me to consider a pooled fund." However, Seal knew he did not understand the specific ins and outs of pooled investment funds and decided to engage Fairway to help him create a best-in-class vehicle to take advantage of his market opportunity. "We felt our unique resources and active involvement in our land deals gave us a significant competitive advantage over other competitors in this space," said Seal. "But I didn’t know what structure to put together and how everything would work."
The unique characteristics of tax lien certificates were more conducive to a closed-ended fund. Shortly after the completion of the project as Seal was ready to launch, he realized the value of the investment he had made with Fairway to create the proper structure.
Seal added: "My colleague and I went to one of the biggest industry conferences of the year in Miami and in my advance research, I located an experienced fund manager operating a similar tax lien fund to mine who would be attending the conference. We met with one of their representatives while there and talked a lot about the caveats and nuances of running a fund as they pertain to tax lien certificates. It was very interesting to me that all of the issues he brought up, we had already completely vetted all of them in advance through strategies Fairway orchestrated during our fund creation engagement. After talking to him, I felt like I was light years ahead of 99.9% of new fund managers because every single thing he brought up, we had already incorporated into our fund. The confidence I have that we are doing it right makes a huge difference as we launch."
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