スポンサー
Versity Investments
Brian Nelson の系統。2025 年仲裁後、約 18 件の物件が戻った。4th & J を含む。
- バックオフィス / 名称
- 2022 年 4 月 2 日 · Versity Invest へ運営/給与を供給し、「Versity」/「Versity Investments」をライセンスする。ロイヤリティ TBD、10% 手形経由。
- Crayhill（目論見書）
- 当初 2021 年 5 月 27 日の借り手は Versity EquityCo。EquityCo Parent 経由でこの会社が全額所有。第一次修正 2022 年 4 月 12 日が Versity Invest を共同保証人に加える。
[Nelson Brothers](/ja/companies/nelson-brothers/）（Brian と Patrick）は学生住宅のシンジケーション店を作った。2018 年頃に分かれた。Brian の系統は NB Private Capital、次いで Versity Investments になった。Blake Wettengel と Tanya Muro は 2023 年の分裂までそこで役員だった。
Vintage PPM（2022 年 1 月 11 日）はこの会社をスポンサー、Nelson を唯一の所有者と書く。Versity Invest / Crew 設立の 3 か月前である。その DST の Form D 関連者は Wettengel と Muro のみ。
2022 年 4 月 2 日、この会社は新しい LLC と契約した：バックオフィス役務契約（Blake Wettengel が Manager として）と IP ライセンス（Brian Nelson が Authorized Signatory として）。運営、会計、給与を供給し、「Versity」/「Versity Investments」の名称をライセンスする。ロイヤリティ額は TBD。10 日後、Vintage は新しいスポンサー名の下で決済した。
2023 年 12 月 3 日のタームシート（確認された JAMS 判断に添付）は、Crew が Nelson のこの会社、NBPRE、Book & Ladder 持分を $30 million で買い、2024 年 12 月決済とする。Nelson の 2023 年 10 月 20 日オレンジ郡訴訟 30-2023-01356667 は 12 月 7 日却下。
オレンジ郡判決 2026 年 4 月 22 日、30-2025-01534910 は 2025 年 11 月 26 日 JAMS Final Award を確認する。Nelson はこの会社の 65% と財務支配権（取得、貸手、投資家、役員、銀行口座）。Wettengel と Muro 35%。Book & Ladder が施設管理者のとき、施設級運営は各 1/3。2023 年 12 月 3 日以前の原状。Crew は残る購入価格を払う必要がない。Crew は 2025 年 5 月 15 日 にこの帳簿の資産管理を止めた（判断の認定）。DST 反対意見が引用する Wettengel 宣誓は Class A / Class B 単位を Nelson 50/65、Wettengel 36/20、Muro 14/15 と列挙する——それは彼の宣誓であり、判断ではない。
この会社、Nelson、NBPRE は 2025 年 12 月 24 日、30-2025-01535878（Melzer、CX102）で Crew、Book & Ladder、Wettengel、Muro、関連店を訴えた。訴因 16。訴状は、Wettengel と Muro が CEO と COO として物件口座資金を Crew へ送り、Entrata アクセスを留め置き、仲裁人命令後約 $1.2 million の Factory Class B 投資家資金を送金しなかったと主張する。およそ 2018 年の “Foundational Agreement”（口頭と書面）を述べる：Nelson が支配所有者。Wettengel と Muro は未払い給与、利益/持分。この会社は NBPRE ブリッジ債務を返す。Versity I は 2023 年 12 月和解で請求を放棄していないと主張する。Nelson と NBPRE は請求を 2023 年 12 月以降の行為に限る。原告は Versity I 運営契約の構成員/マネージャー義務（Art. 11）を否認する。主張。
Melzer は 2026 年 7 月 23 日 Crew の調停強制申立てを却下した（ROA 51）。OA ¶13.4 は、当事者は調停を開始でき、相手が拒めばオレンジ郡に提出できる、と書く。
Versity の FAQ：Crew は 2022 年に管理を引き継いだ。仲裁後、支配は戻った。「Brian is not affiliated with Crew in any way。」公開の言い方である。KHCA はなお彼を名指す。彼は Emerson 副社長でもある。
[Nelson Partners](/ja/companies/nelson-partners/）（Patrick）ではない。Crew / Versity Invest ではない。
年表
- 2007–2018Nelson Brothers. Split ~2018: Patrick to development, Brian to student housing → NB Private Capital → Versity Investments. Wettengel joins ~2015 as COO/GC; CEO from 2018. Muro is Nelson Brothers IR from 2009, COO from 2018.
- 27 May 2021Crayhill Credit Agreement. Senior secured revolving facility, 12.50%. Borrower Versity EquityCo (wholly owned via EquityCo Parent by Versity Investments). Parties Brian Nelson, Blake Wettengel, and Tanya Muro. Lenders are special purpose entities wholly owned by Crayhill Capital Management. Recited in the VIP Bonds circular.
- 17 Jun 2021Signature Collection Properties, LLC v. Academy West Investments / Wettengel / Muro / Versity filed in Orange County.
- 24 Jun 2021Judgment on arbitration award, Brian Nelson v. Patrick Nelson, Orange County 30-2021-01197655-CU-PA-CJC. Recited in the later Versity I complaint (ROA 2). Split of Nelson Brothers assets; Brian’s line became NB Private Capital → Versity Investments. Pleading not pulled.
- 28 Oct 2021 first sale · Form D 2 Nov 2021
- 10 Dec 2021Certificate of Trust for Vintage, DST filed with the Delaware Secretary of State. Recited in the 12 Apr 2022 Trust Agreement.
- 11 Jan 2022Vintage PPM. Maximum offering $75.4 million; ~$62 million Walker & Dunlop / Freddie Mac; Emerson exclusive managing BD. Sponsor named as Versity Investments. Bridge equity ~$50.35 million via a revolving facility; default on an unrelated loan may divert Vintage proceeds. PPM estimates; Form D later lists $88.0 million.
- 2 Apr 2022BackOffice Services Agreement and IP license between Versity Investments and Versity Invest. Versity I (Blake Wettengel) provides ops, accounting, and payroll to Versity Invest (Tanya Muro); InvestCo pays Versity I payroll until it hires the staff. 12-month auto-renew. Same day: Versity I (Brian Nelson) licenses the names “Versity” / “Versity Investments” to Versity Invest; annual royalty via 10% promissory note, amount TBD. Ten days before Vintage close.
- 2–21 Apr 2022Operating agreement 12 Apr: two managers; initial CFO Jennifer Welker, CIO Frank Muhlon. Same day: Vintage Trust Agreement (IB 100%; Sorensen Entity Services Delaware Trustee; Vintage ST Signatory Trustee; Chris Sorensen Independent Trustee), master lease DST → Vintage LeaseCo (10 years 3 months), Book & Ladder PMA at 2.5% of Monthly Gross Revenues, Walker & Dunlop first mortgage $52,346,000, buy $119.6 million from Vintage Horizon Owner, LLC (PPM and IB complaint), and first sale; Vintage LeaseCo side letter sends excess revenue and disposition fees to Vintage IB until Full Redemption (KHCA is a third-party beneficiary); and the KHCA loan amendment naming the new sponsor — the VIP Bonds circular calls that first amendment the Crayhill Credit Facility and adds Versity Invest as co-guarantor. Form D 21 Apr 2022. Related persons: Wettengel and Muro. Selling group includes Tim Sherer and Brian Nelson at Emerson.
- 15 Aug 2023 · Nelson allegationNelson alleges Wettengel/Muro halted investor payments and started “overdue management fees.” Lines up with the later mass freeze.
- 20 Oct–7 Dec 2023Brian Nelson sues Blake in Orange County (20 Oct, 30-2023-01356667). Dismissed without prejudice 7 Dec — the settlement (term sheet 3 Dec 2023, attached as Exhibit A to the 26 Nov 2025 JAMS award). Crew was to buy Nelson’s interests in Versity Investments, NBPRE, and Book & Ladder for $30 million. Closing deadline December 2024. ~18 properties eventually return to him; five stay with Crew.
- Apr–May 2024KHCA files NY Index 651885/2024 (original complaint NYSCEF Doc 49, 17 May 2024). Delaware SOS name change to Crew Enterprises on or about 11 Mar 2024. Nelson files arbitration (JAMS 5200001507 / 5200001580). Distributions stop across the portfolio around May 2024 (4th & J and Oakbrook the same month, per a 16 Apr 2025 post) — the same weeks as the yield-enhancement and rebrand PRs.
- 13 Aug 2024KHCA files a verified first amended complaint (NYSCEF Doc 119). Alleges $56,157,281 of syndication proceeds diverted from Hayworth, Vintage, Walk, and One on 4th. Allegations.
- Dec 2024NY TRO. Unsealed KHCA complaint becomes the thread’s source document.
- Mar–2 May 2025Arbitration award: Brian gets managerial control of Versity Investments (65%). Cornerstone webinar: he calls 4th & J a home run he just walked. Vintage stays with Crew.
- Jul 2025 webinars
- 22–28 Jul 2025Nelson’s Orange County complaint 30-2025-01499716 (28 Jul) asks the court to enforce a 22 Jul JAMS partial final award on Axos / Chase account control. His pleading recites Phase I (Crew breached the Dec 2023 settlement) and Phase II (Nelson 100% NBPRE, 65% Versity Investments). Allegations in that complaint. The later DST complaint says Crew ceased asset-management services on or about 15 May 2025.
- Aug 2025Johan maps KHCA DSTs: Hayworth, Vintage, Walk, One on 4th, Apex. Board consensus: sue the BD. Real Deal (18 Aug): Buckingham and Tailor Lofts delinquent.
- Oct 2025 · forum4th & J Versity webinar is a no-show.
- 26 Nov 2025JAMS Final Award (Refs. 5200001507 / 5200001580; Kennedy). Confirmed 22 Apr 2026 in 30-2025-01534910. $15 million damages for impairment of Nelson’s share (less $450,000 credit = $14,550,000) plus $166,834 JAMS fees, jointly and severally against Crew, Wettengel, and Muro. Status quo ante as of 3 Dec 2023: Nelson 65% of Versity Investments with financial-control rights, Wettengel/Muro 35%; Nelson 100% of NBPRE; Book & Ladder 34/33/33. Unpaid $30 million purchase price and bridge-loan assumption not awarded. Molly Barr claims outside the arbitrator’s jurisdiction.
- 24 Dec 2025Versity Investments / Nelson / NBPRE v. Crew et al., OC 30-2025-01535878-CU-CO-CXC (Melzer, CX102). Sixteen causes; jury demand. Counsel Miller Miller Gerber. Versity I alleges pre- and post-December 2023 officer breaches (no release in the 2023 settlement); Nelson and NBPRE allege post-December 2023 harm only. Alleges ~$1.2 million Factory Class B investor funds withheld after an arbitrator order. Allegations.
- 28–29 Jan 2026Vintage investors get a Crew email. 29 Jan: OC 30-2026-01543537-CU-CO-CXC — seventeen DSTs (NBPRE four plus 13 Versity Investments, including Wolf Run Vintage, not Vintage Horizon West) sue Crew, Book & Ladder, Wettengel, Muro, Academy West, TripSnap, and Wettengel Productions. Fourteen causes; jury demand. Counsel Miller Miller Gerber. Allegations.
- Mar–10 Apr 2026Forum posts describe McQuade engagement letters as BD-funded; the letters themselves were not reviewed. NY order 10 Apr 2026 (Justice Bannon, 2026 NY Slip Op 31536(U)): contract and alter-ego live; fraud/conversion dismissed as duplicative. Real Deal (11 Mar): Midland/Wells foreclosure on The Buckingham.
- 22 Apr 2026Orange County judgment in 30-2025-01534910 (Hesseltine, C23) confirms the 26 Nov 2025 JAMS Final Award. $14,550,000 plus $166,834 JAMS fees against Crew, Wettengel, and Muro jointly and severally. Cross-petition to vacate denied. Molly Barr claims remain outside that award.
- May–Jun 2026Russell Geyser / Waterfall Holdings. Nine properties → springing LLC → private REIT. Not in the nine: Shadowglen, The Nine, and 4th & J.
- 10 Jul 2026DST plaintiffs oppose Crew’s motion to compel mediation on Versity Investments OA §13.4 (ROA 47). Caption lists related case 30-2025-01535878. PPM excerpts (CP Cincy, 345 Flats, Tailor Lofts) and a recitation of the 26 Nov 2025 JAMS Final Award.
- 23 Jul 2026Melzer (CX102) denies Crew’s motion to compel mediation in 30-2025-01535878 (ROA 51). No appearance; tentative accepted. OA ¶13.4 may initiate mediation; if either will not participate, the aggrieved party may file in Orange County. Related case 30-2026-01543537 on the minutes.
- 14–16 Aug 2026 · forumRussell email: Shadowglen default and capital call. 2025 tax info still missing. Thread ends 16 Aug.