Don Wilson’s plan to sell stakes in South Carolina property via digital token offering falls apart

The deal would have carved up the equity in the Hub at Columbia student housing complex via digital tokens tracked using blockchain

Chicago /
Apr.April 21, 2019 03:00 PM

Don Wilson (Credit: LinkedIn, iStock)

A Chicago trader’s plan to use digital tokens to sell equity in a South Carolina student housing complex has fallen apart.

Don Wilson’s Convexity Properties planned to set up a REIT to sell ownership stakes in the Hub at Columbia building in the form of tokens issued by Convexity and tracked on a blockchain ledger. But the deal fell apart when Convexity couldn’t come to an agreement with US Bank, the mortgage lender for the property near the University of South Carolina, according to Crain’s.

Convexity had been working with San Francisco-based Harbor Platform to design the digital tokens to be used in the transaction, and a Harbor spokesman told Crain’s despite the failure of the Hub at Columbia endeavor the company still believes the token structure can become more common in real estate financing.

Spokespeople for Convexity and US Bank declined comment. [Crain’s] — John O’Brien


Related Articles

arrow_forward_ios
Berkadia CEO Justin Wheeler with Moran & Co.'s Tom Moran (Getty)

Berkadia picks up longtime multifamily brokerage

Berkadia picks up longtime multifamily brokerage
The owner of Johnny’s IceHouse East wants to sell the 50,000-square-foot building. (Johnny's IceHouse via Facebook, iStock)

No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity

No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity
110 North Carpenter Street and 333 South Wabash Avenue (Sterling Bay, Shvo)

Here are Chicago’s 10 biggest investment sales of 2020

Here are Chicago’s 10 biggest investment sales of 2020
TTX Company CEO Thomas Wells and 101 North Wacker Drive (Google Maps)

Off the rails: Freight train provider lists West Loop HQ for sublease

Off the rails: Freight train provider lists West Loop HQ for sublease
2430 North Halsted Street and Harrison Street's Christopher Merrill (Sterling Bay; Harrison Street)

Harrison Street raises $720M for life sciences real estate fund

Harrison Street raises $720M for life sciences real estate fund
JDL Development's CRP James D. Letchinger and Halsted Flats (Getty, Halsted Flats, JDL Corp)

Luxury building near Wrigley Field hits market for $125M

Luxury building near Wrigley Field hits market for $125M
Roger Romanelli and Mayor Lori Lightfoot (Fulton Market Association, Getty, iStock)

Restaurant coalition to Lightfoot: Reopen indoor dining

Restaurant coalition to Lightfoot: Reopen indoor dining
Industrious CEO Jamie Hodari and 600 West Jackson Boulevard (Google Maps)

Flex-office provider Industrious sued by landlord

Flex-office provider Industrious sued by landlord
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...