Options for raising equity for a Class A $200M Development Deal?

Just my 2 cents, a quick ranking of the options here:

• Option 1: go to your established relationships with HNW individuals, family offices, country club members, etc. This lets you retain complete control of the deal and the decision making, structure a more favorable JV, charge decent fees, and minimize reporting and looking over your shoulder.

• Option 2: go to established relationships with institutional LPs, lifecos, PE firms, etc. Hopefully this lets you repeat a deal/legal structure you've executed in the past that you're comfortable with, you can have an honest negotiation on JV terms, fees, mark-ups, etc. without feeling like it's a strain on a new relationship, you already know the ebbs and flows of their business and how it meshes with yours (e.g. reporting and getting checks approved and out the door). Downside is legal & transaction costs (negligible in a deal this size though), and there is some degree of their hands being in the pot - may mean they want to use their lender relationships instead of yours, their attorneys may be a PITA when negotiating with contractors or whatever, maybe some dumbass in a suit wants a voice on the architecture and drives some bad design decisions, that kind of stuff.

• Option 3: go out to the market and/or hire a broker to take your deal out. Really the only upside is you can find someone to write a big check, because if you're at this stage you don't already know the right person for this deal. There is something to be said about developing a new relationship and adding it to your "roster" of LPs, though. Downside is all of the above, plus paying a broker, plus the work and time involved to go pitch the deal, plus the chance that you'll end up stuck working with people you don't like for the next 5+ years.

• Option 4: go partner with a co-developer/sponsor. This is going to be the worst option because of all the reasons outlined in option 2 but magnified, plus the fact that you're going to give up meaningful economics - part of your precious promote, your fees, etc. And it never feels like the work is fairly distributed or that they're earning it, trust me. The upside here is that you can offload some of the risk - get them to participate in completion/repayment/cost overrun guarantees. Like the option above, if you've found yourself here, it's probably because you had no other choice.