Programmatic capital has a lot of advantages for sponsors. Instead of cultivating new sources for each deal, sponsors can rely on a pool of money from a single investor and focus on real estate operations.

But what sponsors are ideal fits for a programmatic program? Peter Houghton, managing director of Dekel Capital, thinks they work best for certain types of companies.

"It's that middle ground," Houghton says. "You're not doing the high-net-worth syndicates anymore. You're trying to move up so that you have more predictability. The goal is that you want predictability of availability to capital."

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Leslie Shaver

Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.