Bridge loan
A lender advances most of the equity at closing; DST sales are supposed to take the lender out.
If the sponsor spends the proceeds elsewhere, the lender still has a claim on leftover equity — and sometimes argues it has a claim on sold interests too.
Why it shows up here: KHCA’s ~$56 million unpaid bridge on Vintage + Walk + One on 4th + Hayworth is the overlay that makes Crew the wrong pocket. IBI Volcano is the Apex version of the same idea — Crew’s LLC guaranty went to a 30 Sep 2025 money judgment.