What are the risks?
In short
The honest list, before the numbers.
Loss of capital is possible, including total loss. Projections are modelled estimates, and models are wrong in both directions.
Specific risk categories include project delays, construction cost overruns, market and interest-rate movements, tenant credit, insurance and climate cost inflation, limited or absent liquidity, regulatory change, and property-specific risks such as structural condition or title defects.
Because the interests are illiquid, an investor who may need the capital within the hold period should not participate.